Rating Scale

Moody’s S&P Fitch Fitch
Long-Term Short-Term Long-Term Short-Term Long-Term Short-Term
Aaa AAA AAA Prime
Aa1 AA+ AA+ High Grade
Aa2 AA AA
Aa2 AA- A-1+ AA- F1+
A1 A+ A+ Upper Medium Grade
A2 P-1 A A-1 A F1
A3 A- A-
Baa1 P-2 BBB+ A-2 BBB+ F2 Lower Medium Grade
Baa2 BBB BBB
Baa3 P-3 BBB- A-3 BBB- F3
Ba1 BB+ BB+ Non-Investment Grade Speculative
Ba2 BB BB
Ba3 BB- BB-
B1 B+ B+ Highly Speculative
B2 B B
B3 B- B B- B
Caa1 CCC+ Substantial Risks
Caa2 CCC Extremely Speculative
Caa3 CCC- In Default with Little Prospect for Recovery
Ca CC
Ca C C CCC C
C DDD
/ Not prime D / DD / In Default
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