| Aaa |
AAA |
AAA |
AAA |
the highest quality with the "smallest degree of risk" |
|
|
|
|
|
high quality with "very low credit risk", but "their susceptibility to
long-term risks appears somewhat greater" |
|
|
|
|
|
"upper-medium grade", subject to "low credit risk", but that have
elements "present that suggest a susceptibility to
impairment over the long term" |
|
|
|
|
|
"moderate credit risk", medium-grade and as such "protective elements
may be lacking or may be characteristically
unreliable" |
|
|
|
|
|
have "questionable credit quality" |
|
|
|
|
|
speculative and "subject to high credit risk" and have "generally poor
credit quality" |
| Caa |
CCC |
CCC |
CCC |
"poor standing and are subject to very high credit risk", and have
"extremely poor credit quality" |
| Ca |
CC |
CC |
CC |
"high speculative", and are "usually in default on their deposit
obligations" |
| C |
C |
C |
C |
"The lowest rated class of bonds and are typically in default", and
"potential recovery values are low" |