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 |
| SD | Selective Default | ||
| - | D | D | Default |
| WR | WD | Withdrawn | |
| NR | NR | - | Not rated |
Last updated: 12-11-2023