| AAA |
Highest likelihood of interest and principal payment. |
| AA |
Very high likelihood of interest and principal payment. The likelihood may, nevertheless,
be slightly lower than is the case for the highest rating category (AAA).
|
| A |
High likelihood of interest and principal payment. The likelihood may, nevertheless, be more susceptible
to changes in circumstances and in economic conditions than is the case for higher rating category (AA).
|
| BBB |
Moderate likelihood of interest and principal payment, but changes in circumstances and
in economic conditions are more likely to impair this likelihood than is the case for higher rating category (A).
|
| B |
Some uncertainty over the likelihood of interest and principal payment and speculative elements. |
| CCC |
Substantial uncertainty over the likelihood of interest and principal payment and
is considered more speculative than higher rating category (BB).
|
| CC |
High risk of default and questionable likelihood of interest and principal payment. |
| C |
Very high risk of default and extremely low likelihood of interest and principal payment. |
| D |
Default |