|
|
| |
Moody's |
Standard & Poors |
Fitch |
|
| Long |
Short |
Long |
Short |
Long |
Short |
| Aaa |
P-1 |
AAA |
A-1+ |
AAA |
A1+ |
Prime |
| Aa1 |
|
AA+ |
|
AA+ |
|
High Grade |
| Aa2 |
AA |
AA |
| Aa3 |
AA- |
AA- |
| A1 |
|
A+ |
A-1 |
A+ |
A1 |
Upper Medium Grade |
| A2 |
A |
A |
| A3 |
P-2 |
A- |
A-2 |
A- |
A2 |
| Baa1 |
|
BBB+ |
|
BBB+ |
|
Lower Medium Grade |
| Baa2 |
P-3 |
BBB |
A-3 |
BBB |
A3 |
| Baa3 |
BBB- |
BBB- |
| Ba1 |
Not Prime |
BB+ |
B |
BB+ |
B |
Non-Investment Grade (speculative) |
| Ba2 |
BB |
BB |
| Ba3 |
BB- |
BB- |
| B1 |
|
B+ |
|
B+ |
|
Highly Speculative |
| B2 |
B |
B |
| B3 |
B- |
B- |
| Caa |
|
CCC+ |
C |
- |
|
Substantial Risks |
| Ca |
|
CCC |
|
CCC |
C |
Extremely Speculative |
| C |
|
CCC- |
|
- |
|
In Default (little prospect for recovery) |
- |
|
- |
- |
DDD |
- |
In Default |
- |
D |
DD |
- |
- |
D |
|
|
