Moody's
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Highest Quality(P)Aaa Aaa
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High QualityAa1 (P)Aa1 (P)Aa2 Aa2 Aa3 (P)Aa3
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Upper-Medium Quality(P)A1 A1 A2 (P)A2 (P)A3 A3
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Medium-Grade QualityBaa1 (P)Baa1 (P)Baa2 Baa2 Baa3 (P)Baa3
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Substantial Risk(P)Ba1 Ba1 Ba2 (P)Ba2 (P)Ba3 Ba3
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High RiskB1 (P)B1 (P)B2 B2 B3 (P)B3
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Very High Risk(P)Caa1 Caa1 Caa2 (P)Caa2 (P)Caa3 Caa3
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Highly Speculative(P)Ca Ca
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DefaultC (P)C
S&P
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Extremely StrongAAA AAApi AAAt
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Very StrongAA+ AA+pi AA+t AApi Aat AA AA- AA-pi AA-t
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StrongA+ A+pi A+t Api At A A- A-pi A-t
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AdequateBBB+ BBB+pi BBB+t BBB BBBpi BBBt BBB- BBB-pi BBB-t
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Less VulnerableBB+ BB+pi BB+t BB BBpi BBt BB- BB-pi BB-t
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More VulnerableB+ B+pi B+t B Bpi Bt B- B-pi B-t
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Currently VulnerableCCC+ CCC+pi CCC+t CCCpi CCCt CCC CCC- CCC-pi CCC-t
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Highly VulnerableCCpi CCt CC C+ C+pi C+t C Cpi Ct
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Selective DefaultSD SDpi SDt
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DefaultD+ D+pi D+t Dpi Dt D
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Regulatory SupervisionR Rpi Rt