Ratings Watch Action Legend: (WP) Watch Positive, (WN)
Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON)
Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing
-
Highest Quality
(P)Aaa
Aaa
-
High Quality
Aa1
(P)Aa1
(P)Aa2
Aa2
Aa3
(P)Aa3
-
Upper-Medium
Quality
(P)A1
A1
A2
(P)A2
(P)A3
A3
-
Medium-Grade
Quality
Baa1
(P)Baa1
(P)Baa2
Baa2
Baa3
(P)Baa3
-
Substantial Risk
(P)Ba1
Ba1
Ba2
(P)Ba2
(P)Ba3
Ba3
-
High Risk
B1
(P)B1
(P)B2
B2
B3
(P)B3
-
Very High Risk
(P)Caa1
Caa1
Caa2
(P)Caa2
(P)Caa3
Caa3
-
Highly Speculative
(P)Ca
Ca
-
-
Extremely Strong
AAA
AAApi
AAAt
-
Very Strong
AA+
AA+pi
AA+t
AApi
Aat
AA
AA-
AA-pi
AA-t
-
Strong
A+
A+pi
A+t
Api
At
A
A-
A-pi
A-t
-
Adequate
BBB+
BBB+pi
BBB+t
BBB
BBBpi
BBBt
BBB-
BBB-pi
BBB-t
-
Less Vulnerable
BB+
BB+pi
BB+t
BB
BBpi
BBt
BB-
BB-pi
BB-t
-
More Vulnerable
B+
B+pi
B+t
B
Bpi
Bt
B-
B-pi
B-t
-
Currently
Vulnerable
CCC+
CCC+pi
CCC+t
CCCpi
CCCt
CCC
CCC-
CCC-pi
CCC-t
-
Highly Vulnerable
CCpi
CCt
CC
C+
C+pi
C+t
C
Cpi
Ct
-
Selective Default
SD
SDpi
SDt
-
Default
D+
D+pi
D+t
Dpi
Dt
D
-
Regulatory
Supervision
R
Rpi
Rt
-
Superior
(P)MIG 1
(P)P-1
(P)VMIG 1
MIG 1
P-1
VMIG 1
-
Strong
VMIG 2
P-2
MIG 2
(P)VMIG 2
(P)P-2
(P)MIG 2
-
Acceptable
(P)MIG 3
(P)P-3
(P)VMIG 3
MIG 3
P-3
VMIG 3
-
-
-
-
-
-
More Vulnerable
B
B-1
B-2
B-3
-
-
-
-
Financial Strength Ratings
-
-
Excellent Security
Aa1
Aa2
Aa3
-
-
Adequate Security
Baa1
Baa2
Baa3
-
Questionable
Security
Ba1
Ba2
Ba3
-
-
Very Poor Security
Caa1
Caa2
Caa3
-
Extremely Poor
Security
Ca
C
-
Extremely Strong
AAA
AAApi
-
Very Strong
AA+
AA+pi
AApi
AA
AA-
AA-pi
-
Strong
A+
A+pi
Api
A
A-
A-pi
-
Good
BBB+
BBB+pi
BBBpi
BBB
BBB-
BBB-pi
-
Marginal
BB+
BB+pi
BB
BBpi
BB-
BB-pi
-
Weak
B+
B+pi
B
Bpi
B-
B-pi
-
Very Weak
CCC+
CCC+pi
CCCpi
CCC
CCC-
CCC-pi
-
-