S&P and Fitch use a comparable rating system for the quality of long-term bonds.
Format:
(1) categories: A, B, C, D
(2) classes for A, B and C using triple, double and single letter (AAA, AA, A)
(3) subclasses + and - for interim quality (example: AA+ > AA > AA-)
Investment grade: AAA to BBB-
Non-investment grade (high-yield, junk): BB+ to D
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Rating (22)
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Rating
|
|
AAA
|
prime
|
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AA+
|
high grade
|
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AA
|
high grade
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AA-
|
high grade
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A+
|
upper medium
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A
|
upper medium
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A-
|
upper medium
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BBB+
|
lower medium
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BBB
|
lower medium
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BBB-
|
lower medium
|
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BB+
|
speculative
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BB
|
speculative
|
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BB-
|
speculative
|
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B+
|
highly speculative
|
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B
|
highly speculative
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B-
|
highly speculative
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CCC+
|
substantial risk
|
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CCC
|
extremely speculative
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CCC-
|
default imminent
|
|
CC
|
default imminent
|
|
C
|
default imminent
|
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D
|
in default
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