Bond Rating Definitions

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Moody’s S&P Fitch Definitions
Aaa AAA AAA Prime. Maximum Safety

Aa1 AA+ AA+ High Grade High Quality
Aa2 AA AA
Aa3 AA- AA-

A1 A+ A+ Upper Medium Grade
A2 A A
A3 A- A-

Baa1 BBB+ BBB+ Lower Medium Grade
Baa2 BBB BBB
Baa3 BBB- BBB-

Ba1 BB+ BB+ Non Investment Grade

Ba2 BB BB Speculative
Ba3 BB- BB-

B1 B+ B+ Highly Speculative
B2 B B
B3 B- B-

Caa1 CCC+ CCC Substantial Risk

Caa2 CCC In Poor Standing
Caa3 CCC-

Ca Extremely Speculative

C May be in Default

DDD Default
DD
D D

Moody’s Moody’s Investor Service1-212-553-1658
S&P Standard & Poor’s Corporation1-212-438-7307
Fitch Fitch Ratings1-212-908-0500

Important Note:
Information herein is believed to be reliable but Bondsonline Group, Inc. doesn’t warrant its completeness or accuracy.