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
/