Moody's uses a rating system for the quality of short-term bonds.
Format:
(1) category: P (for prime)
(2) classes: 1, 2 and 3
Investment grade: P
Non-investment grade (high-yield, junk): not prime
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Rating
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Moody's
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prime, high grade, upper medium
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P-1
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upper and lower medium
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P-2
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lower medium
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P-3
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substantial risk
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not prime
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where:
• P-1 is comparable to S&P/Finch short term 1+ and 1.
• P-2 is comparable to S&P/Finch short term 2
• P-3 is comparable to S&P/Finch short term 3
