Long-Term Ratings
-
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
-
-
-
Very High Quality
AA+
AA
AA-
-
-
Medium Quality
BBB+
BBB
BBB-
-
-
-
Near Default (High Recovery)
CCC+
CCC
CCC-
-
Near Default (Average Recovery)
CC
-
Near Default (Low Recovery)
C
-
Short-Term Ratings
-
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
-
Financial Strength Ratings
-
-
Excellent Security
Aa1
Aa2
Aa3
-
-
Adequate Security
Baa1
Baa2
Baa3
-
Questionable Security
Ba1
Ba2
Ba3
-
Poor Security
B1s&p
B2
B3
-
Very Poor Security
Caa1
Caa2
Caa3
-
Extremely Poor Security
Ca
C
Issuer ratings are Moody's/KBRA. A security rating is not a recommendation to buy, sell
or hold securities and should be evaluated independently of any other rating. The rating is subject to
revision or withdrawal at any time by the assigning rating organization.