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Bond Rating Definitions Moody's S&P Fitch
9/21/15
Long-term Short term Long-term Short-term Long-term Short-term Aaa P-1 AAA A-1+ AAA F1+ Prime An obligor has EXTREMELY STRONG capacity to meet its financial commitments. Aa1 AA+ AA+ High grade An obligor has VERY STRONG capacity to meet its financial commitments. It differs from the highest rated obligors only in small degree. Aa2 AA AA Aa3 AA- AA- A1 A+ A+ A2 A A Upper Medium Grade An obligor has STRONG capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories. A3 A- A- Baa1 BBB+ BBB+ Baa2 P-3 BBB A-3 BBB F3 Lower medium grade An obligor has ADEQUATE capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments. Baa3 BBB- BBB- Investment Grade ↑ High Yield / Junk ↓ Investment Grade ↑ High Yield / Junk ↓ Ba1 Not prime BB+ B BB+ B Ba2 BB BB Non-investment grade. Speculative An obligor is LESS VULNERABLE in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments. Ba3 BB- BB- B1 B+ B+ B2 B B Highly speculative An obligor is MORE VULNERABLE than the obligors rated 'BB', but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments. B3 B- B- Caa1 CCC+ C CCC C Caa2 CCC Substantial risks. Extremely speculative An obligor is CURRENTLY VULNERABLE, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments. In default with little prospect of recovery. Caa3 CCC- Ca CC An obligor is CURRENTLY HIGHLY-VULNERABLE. C C D / DDD / In default An obligor has failed to pay one or more of its financial obligations (rated or unrated) when it became due. / DD / D WR Rating withdrawn for reasons including: debt maturity, calls, puts, conversions, etc., or business reasons (e.g. change in the size of a debt issue), or the issuer defaults.
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9/21/15
Long-term Short term Long-term Short-term Long-term Short-term Aaa P-1 AAA A-1+ AAA F1+ Prime An obligor has EXTREMELY STRONG capacity to meet its financial commitments. Aa1 AA+ AA+ High grade An obligor has VERY STRONG capacity to meet its financial commitments. It differs from the highest rated obligors only in small degree. Aa2 AA AA Aa3 AA- AA- A1 A+ A+ A2 A A Upper Medium Grade An obligor has STRONG capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories. A3 A- A- Baa1 BBB+ BBB+ Baa2 P-3 BBB A-3 BBB F3 Lower medium grade An obligor has ADEQUATE capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments. Baa3 BBB- BBB- Investment Grade ↑ High Yield / Junk ↓ Investment Grade ↑ High Yield / Junk ↓ Ba1 Not prime BB+ B BB+ B Ba2 BB BB Non-investment grade. Speculative An obligor is LESS VULNERABLE in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments. Ba3 BB- BB- B1 B+ B+ B2 B B Highly speculative An obligor is MORE VULNERABLE than the obligors rated 'BB', but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments. B3 B- B- Caa1 CCC+ C CCC C Caa2 CCC Substantial risks. Extremely speculative An obligor is CURRENTLY VULNERABLE, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments. In default with little prospect of recovery. Caa3 CCC- Ca CC An obligor is CURRENTLY HIGHLY-VULNERABLE. C C D / DDD / In default An obligor has failed to pay one or more of its financial obligations (rated or unrated) when it became due. / DD / D WR Rating withdrawn for reasons including: debt maturity, calls, puts, conversions, etc., or business reasons (e.g. change in the size of a debt issue), or the issuer defaults.
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