Aa1 |
AA+ |
High Grade - Investment Grade |
Aa2 |
AA |
High Grade - Investment Grade |
Aa3 |
AA- |
High Grade - Investment Grade |
A1 |
A+ |
Upper Medium Grade - Investment Grade |
A2 |
A |
Upper Medium Grade - Investment Grade |
A3 |
A- |
Upper Medium Grade - Investment Grade |
Baa1 |
BBB+ |
Lower Medium Grade - Investment Grade |
Baa2 |
BBB |
Lower Medium Grade - Investment Grade |
Baa3 |
BBB- |
Lower Medium Grade - Investment Grade |
Ba1 |
BB+ |
Non-Investment Grade - Speculative |
Ba2 |
BB |
Non-Investment Grade - Speculative |
Ba3 |
BB- |
Non-Investment Grade - Speculative |