|
Credit Risk
|
Moody's
|
Standard & Poor's
|
Fitch/IBCA
|
DCR
|
|
Investment
Grade
|
|
Highest quality
|
Aaa
|
AAA
|
AAA
|
AAA
|
|
High quality (very strong)
|
Aa
|
AA
|
AA
|
AA
|
|
Upper medium grade (strong)
|
A
|
A
|
A
|
A
|
|
Medium grade
|
Baa
|
BBB
|
BBB
|
BBB
|
|
NOT
INVESTMENT GRADE
|
|
Somewhat speculative
|
Ba
|
BB
|
BB
|
BB
|
|
Speculative
|
B
|
B
|
B
|
B
|
|
Highly speculative
|
Caa
|
CCC
|
CCC
|
CCC
|
|
Most speculative
|
Ca
|
CC
|
CC
|
CC
|
|
Imminent default
|
C
|
D
|
C
|
C
|
|
Default
|
C
|
D
|
D
|
D
|
