Credit Ratings 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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