Indicates that the ability to repay principal and interest on a timely basis is extremely high.
AA
Indicates a very strong ability to repay principal and interest on a timely basis, with limited incremental risk compared to issues rated in the highest category.
A
Indicates the ability to repay principal and interest is strong. Issues rated A could be more vulnerable to adverse developments (both internal and external) than obligations with higher ratings.
BBB
The lowest investment-grade category; indicates an acceptable capacity to repay principal and interest. BBB issues are more vulnerable to adverse developments (both internal and external) than obligations with higher ratings.
Non Investment grade
BB
While not investment grade, the BB rating suggests that the likelihood of default is considerably less than for lower-rated issues. However, there are significant uncertainties that could affect the ability to adequately service debt obligations.
B
Issues rated B show a higher degree of uncertainty and therefore greater likelihood of default than higher-rated issues. Adverse developments could negatively affect the payment of interest and principal on a timely basis.
CCC
Issues rated CCC clearly have a high likelihood of default, with little capacity to address further adverse changes in financial circumstances.
CC
CC is applied to issues that are subordinated to other obligations rated CCC and afforded less protection in the event of bankruptcy or reorganization.
D
Default.
E
Not enough information to rate.
The ratings from 'AA' to 'B' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
