Highest safety for timely payment of financial obligations.
AA
High safety for timely payment of interest and principal.
A
Adequate safety for timely payment of interest and principal. More susceptible to changes in circumstances and economic conditions than debts in higher-rated categories.
BBB
Moderate safety for timely payment of interest and principal. Lacking in certain protective elements. Changes in circumstances are more likely to lead to weakened capacity to pay interest and principal than debts in higher-rated categories.
BB
Inadequate safety for timely payment of interest and principal. Future cannot be considered as well-assured.
B
High risk associated with timely payment of interest and principal. Adverse business or economic conditions would lead to lack of ability on the part of the issuer to pay interest or principal.
C
Very high risk of default. Factors present make them vulnerable to default. Timely payment of interest and principal possible only if favourable circumstances continue.
D
Currently in default or expected to be in default, unlikely to meet maturing financial obligations.
SHORT-TERM RATINGS
P-1
Very strong safety with regard to timely payment on the instrument.
P-2
Strong ability with regard to timely payment of obligations.
P-3
Adequate safety on repayment of debt obligation. Instrument is more vulnerable to the effects of changing circumstances than the P1 and P2 categories.
NP
High investment risk, with doubtful capacity for timely payment of short-term obligations.
