Definitions of Credit Ratings

Long terms ratings

Moody's S&P Fitch Ratings Definition
Aaa AAA AAA Prime. Maximum Safety
Aa1 AA+ AA+ High Grade High Quality
Aa2 AA AA
Aa3 AA- AA-
A1 A+ A+ Upper Medium Grade
A2 A A
A3 A- A-
Baa1 BBB+ BBB+ Lower Medium Grade
Baa2 BBB BBB
Baa3 BBB- BBB-
Ba1 BB+ BB+ Non-Investment Grade
Ba2 BB BB
Ba3 BB- BB-
B1 B+ B+ Highly Speculative
B2 B B
B3 B- B-
Caa1 CCC+ CCC+ In Poor Standing
Caa2 CCC CCC
Caa3 CCC- CCC-
Ca CC CC Extremely Speculative
C C C May be in Default
       
- D D Default
WR     Withdrawn
NR NR - Not rated
Last updated: 25-03-2016