| Investment Grade |
Aaa |
Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk. |
| Aa1 |
Obligations rated Aa are judged to be of the highest quality and are subject to very low credit risk. |
| Aa2 |
| Aa3 |
| A1 |
Obligations rated A are considered upper-medium grade and are subject to low credit risk. |
| A2 |
| A3 |
| Baa1 |
Obligations rated Baa are subject to moderate credit risk. They are considered medium grade and as such may possess certain speculative characteristics. |
| Baa2 |
| Baa3 |
| Speculative Grade |
Ba1 |
Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk. |
| Ba2 |
| Ba3 |
| B1 |
Obligations rated B are considered speculative and are subject to high credit risk. |
| B2 |
| B3 |
| Caa1 |
Obligations rated Caa are judge to be of poor standing and are subject to very high credit risk. |
| Caa2 |
| Caa3 |
| Ca |
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
| C |
Obligations rated C are the lowest rated class and are typically in default, with little prospect for recovery of principal or interest. |