1118:
to receive payment for their work by the securities issuers for whom they issue those ratings, which has led to charges that these ratings agencies can no longer always be impartial when issuing ratings for those securities issuers. Securities issuers have been accused of "shopping" for the best ratings from these three ratings agencies, in order to attract investors, until at least one of the agencies delivers favorable ratings. This arrangement has been cited as one of the primary causes of the
1130:(CDOs), were rated highly by the credit ratings agencies and thus heavily invested in by many organizations and individuals, but were then rapidly and vastly devalued due to defaults, and fear of defaults, on some of the individual components of those securities, such as home loans and credit card accounts. Other countries are beginning to mull the creation of domestic credit ratings agencies to challenge the dominance of the "Big Three", for example in Russia, where the ACRA was founded in 2016.
4671:
1105:) are considered significantly higher than those associated with first-class government bonds. The difference between rates for first-class government bonds and investment-grade bonds is called investment-grade spread. The range of this spread is an indicator of the market's belief in the stability of the economy. The higher these investment-grade spreads (or
119:, an NRSRO may be registered with respect to up to five classes of credit ratings: (1) financial institutions, brokers, or dealers; (2) insurance companies; (3) corporate issuers; (4) issuers of asset-backed securities; and (5) issuers of government securities, municipal securities, or securities issued by a foreign government.
122:
In Asia, the regulated and recognized credit rating agencies in the domestic markets are – in China: China
Chengxin International (CCXI), China Lianhe Credit Rating (Lianhe Ratings), CSCI Pengyuan, New Century Zixin Assessment Investment Service; in Japan: Rating and Investment Information (R&I);
1117:
Until the early 1970s, bond credit ratings agencies were paid for their work by investors who wanted impartial information on the credit worthiness of securities issuers and their particular offerings. Starting in the early 1970s, the "Big Three" ratings agencies (S&P, Moody's, and Fitch) began
1086:
Ratings play a critical role in determining how much companies and other entities that issue debt, including sovereign governments, have to pay to access credit markets, i.e., the amount of interest they pay on their issued debt. The threshold between investment-grade and speculative-grade ratings
151:, Aa, A, Baa, Ba, B, Caa, Ca, C, as well as WR and NR for 'withdrawn' and 'not rated' respectively. Standard & Poor's and Fitch assign bond credit ratings of AAA, AA, A, BBB, BB, B, CCC, CC, C, D. Currently there are only two companies in the United States with an AAA credit rating:
772:
in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments.
813:
than the obligors rated 'BB', but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments.
1029:
This rating is assigned when the agency believes that the obligor has selectively defaulted on a specific issue or class of obligations but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner.
1145:. Until April–May 2010, Moody's and Fitch were rating municipal bonds on the separate naming/classification system which mirrored the tiers for corporate bonds. S&P abolished its dual rating system in 2000.
162:
In addition to the rating codes, agencies typically supplement the current assessment with indications of the chances for future upgrades or downgrades over the medium term. For example, Moody's designates an
731:
capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.
146:
such as Moody's, Standard & Poor's, and Fitch, which publish code designations (such as AAA, B, CC) to express their assessment of the risk quality of a bond. Moody's assigns bond credit ratings of
1153:
The historical default rate for municipal bonds is lower than that of corporate bonds. A potential misuse of historic default statistics is to assume that historical average default rates represent the
1158:" of debt in a particular rating category. However, default rates can vary significantly from one year to the next and the observed rate for any given year can vary significantly from the average.
691:
capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories.
167:
for a given rating as
Positive (POS, likely to upgrade), Negative (NEG, likely to downgrade), Stable (STA, likely to remain unchanged), or Developing (DEV, contingent on some future event).
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89:
85:
1003:
Rating withdrawn for reasons including: debt maturity, calls, puts, conversions, etc., or business reasons (e.g. change in the size of a debt issue), or the issuer defaults.
4496:
990:
Preliminary ratings may be assigned to obligations pending receipt of final documentation and legal opinions. The final rating may differ from the preliminary rating.
112:; Moody's Investors Service, Inc.; Rating and Investment Information, Inc.; Morningstar Credit Ratings, LLC; and Standard & Poor's Ratings Services.
1083:. Generally they are bonds that are judged by the rating agency as likely enough to meet payment obligations that banks are allowed to invest in them.
4492:
4570:
81:
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159:. These individual codes are grouped into broader classes described as "investment grade" or not, or in numbered tiers from high to low.
4442:
1080:
59:
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116:
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4613:
854:, and is dependent upon favourable business, financial, and economic conditions to meet its financial commitments.
105:
101:
4699:
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651:
capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree.
3131:
Standard & Poor's one-year global structured finance default rates by refined rating category, 1978–2008
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47:
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1044:
No rating has been requested, or there is insufficient information on which to base a rating.
39:
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to pay one or more of its financial obligations (rated or unrated) when it became due.
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50:
and used by investment professionals to assess the likelihood the debt will be repaid.
43:
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4695:
Investment Grade Real Estate | How To
Purchase Property With Credit Rated Tenants
1016:
This rating was initiated by the ratings agency and not requested by the issuer.
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17:
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31:
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93:
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to nonpayment. May be used where a bankruptcy petition has been filed.
123:
in India: ICRA (ICRA), Credit
Analysis and Research (CARE) and CRISIL.
1141:
are instruments issued by local, state, or federal governments in the
1101:
The risks associated with investment-grade bonds (or investment-grade
131:
The credit rating is a financial indicator to potential investors of
4700:"As company priorities shift, fewer get AAA debt rating", USA Today
4635:"Individual Investors – An Educational Look at Bond Credit Ratings"
74:(S&P) – controlling approximately 95% of the ratings business.
4571:"Apple Upgraded to Top Bond Rating by Moody's on Growth Prospects"
1090:
Bonds that are not rated as investment-grade bonds are known as
1087:
has important market implications for issuers' borrowing costs.
132:
97:
4659:
Emerging Market Fiscal
Oversight and Governance Mechanisms.
4706:"Fitch says confident in 'AAA' subprime ratings", Reuters
4661:
Social
Science Research Network. Accessed 27 August 2017.
58:
Credit rating is a highly concentrated industry with the
4672:"Understanding Standard & Poor's Rating Definitions"
109:
86:
nationally recognized statistical rating organizations
1122:(which began in 2007); some securities, particularly
27:Credit worthiness of corporate or government bonds
4466:. Council on Foreign Relations. Archived from
4464:"The Credit Rating Controversy. Campaign 2012"
4655:Contextualizing Russia's Ratings Agency: ACRA
1109:) are, the weaker the economy is considered.
8:
611:capacity to meet its financial commitments.
4537:"Moody's Rating Symbols & Definitions"
1067:if its credit rating is BBB− or higher by
975:
4637:. Morganstanleyindividual.com. 2005-10-25
4493:European Securities and Markets Authority
3129:
1160:
574:
169:
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4531:
4529:
4489:Report on CRA Market Share Calculation
184:
7:
4689:"What Is A Corporate Credit Rating?"
4614:"Standard & Poor's Definitions"
4589:"Glossary of Moody's Rating Terms"
4443:List of countries by credit rating
1081:"Big Three" credit rating agencies
60:"Big Three" credit rating agencies
25:
4558:Withdrawn - WR ... Not Rated - NR
4616:. Bankersalmanac.com. 2010-09-20
1128:collateralized debt obligations
182:Equivalent to SVO Designations
127:Credit rating codes and classes
117:Credit Rating Agency Reform Act
46:. The ratings are published by
90:currently registered as NRSROs
1:
513:Default imminent with little
80:registered as such with the
4542:. p. 5. Archived from
931:currently highly vulnerable
892:currently highly vulnerable
104:; Fitch, Inc.; HR Ratings;
88:". The following firms are
42:of corporate or government
4758:
4513:"Rating Agencies - NRSROs"
1124:mortgage-backed securities
402:
379:
236:
106:Japan Credit Rating Agency
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102:Egan-Jones Rating Company
4499:25 December 2018 at the
1120:subprime mortgage crisis
142:. These are assigned by
110:Kroll Bond Rating Agency
4674:. standardandpoors.com.
1075:, or Baa3 or higher by
571:Rating tier definitions
1156:probability of default
1094:or more derisively as
515:prospect for recovery
502:Extremely speculative
144:credit rating agencies
78:Credit rating agencies
54:Credit rating agencies
48:credit rating agencies
4462:Alessi, Christopher.
398:Non-investment grade
157:Johnson & Johnson
72:Standard & Poor's
852:currently vulnerable
405:AKA high-yield bonds
403:Non-investment grade
4577:. 21 December 2021.
3132:
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446:Highly speculative
341:Lower medium grade
293:Upper medium grade
185:Rating description
4691:, Investopedia.com
3130:
1161:
976:Other annotations
593:Credit worthiness
491:Substantial risks
36:bond credit rating
4593:CreditRiskMonitor
4495:, November 2018,
4438:Default (finance)
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40:credit worthiness
16:(Redirected from
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2115:
2112:
2109:
2106:
2103:
2100:
2097:
2094:
2091:
2088:
2085:
2082:
2079:
2076:
2073:
2070:
2067:
2064:
2060:
2059:
2056:
2053:
2050:
2047:
2044:
2041:
2038:
2035:
2032:
2029:
2026:
2023:
2020:
2017:
2014:
2011:
2008:
2004:
2003:
2000:
1997:
1994:
1991:
1988:
1985:
1982:
1979:
1976:
1973:
1970:
1967:
1964:
1961:
1958:
1955:
1952:
1948:
1947:
1944:
1941:
1938:
1935:
1932:
1929:
1926:
1923:
1920:
1917:
1914:
1911:
1908:
1905:
1902:
1899:
1896:
1892:
1891:
1888:
1885:
1882:
1879:
1876:
1873:
1870:
1867:
1864:
1861:
1858:
1855:
1852:
1849:
1846:
1843:
1840:
1836:
1835:
1832:
1829:
1826:
1823:
1820:
1817:
1814:
1811:
1808:
1805:
1802:
1799:
1796:
1793:
1790:
1787:
1784:
1780:
1779:
1776:
1773:
1770:
1767:
1764:
1761:
1758:
1755:
1752:
1749:
1746:
1743:
1740:
1737:
1734:
1731:
1728:
1724:
1723:
1720:
1717:
1714:
1711:
1708:
1705:
1702:
1699:
1696:
1693:
1690:
1687:
1684:
1681:
1678:
1675:
1672:
1668:
1667:
1664:
1661:
1658:
1655:
1652:
1649:
1646:
1643:
1640:
1637:
1634:
1631:
1628:
1625:
1622:
1619:
1616:
1612:
1611:
1608:
1605:
1602:
1599:
1596:
1593:
1590:
1587:
1584:
1581:
1578:
1575:
1572:
1569:
1566:
1563:
1560:
1556:
1555:
1552:
1549:
1546:
1543:
1540:
1537:
1534:
1531:
1528:
1525:
1522:
1519:
1516:
1513:
1510:
1507:
1504:
1500:
1499:
1496:
1493:
1490:
1487:
1484:
1481:
1478:
1475:
1472:
1469:
1466:
1463:
1460:
1457:
1454:
1451:
1448:
1444:
1443:
1440:
1437:
1434:
1431:
1428:
1425:
1422:
1419:
1416:
1413:
1410:
1407:
1404:
1401:
1398:
1395:
1392:
1388:
1387:
1384:
1381:
1378:
1375:
1372:
1369:
1366:
1363:
1360:
1357:
1354:
1351:
1348:
1345:
1342:
1339:
1336:
1332:
1331:
1328:
1325:
1322:
1319:
1316:
1313:
1310:
1307:
1304:
1301:
1298:
1295:
1292:
1289:
1286:
1283:
1280:
1276:
1275:
1272:
1269:
1266:
1263:
1260:
1257:
1254:
1251:
1248:
1245:
1242:
1239:
1236:
1233:
1230:
1227:
1224:
1220:
1219:
1216:
1213:
1210:
1207:
1204:
1201:
1198:
1195:
1192:
1189:
1186:
1183:
1180:
1177:
1174:
1171:
1168:
1150:
1147:
1135:
1132:
1114:
1111:
1103:corporate debt
1059:is considered
1052:
1049:
1046:
1045:
1042:
1039:
1036:
1032:
1031:
1027:
1024:
1021:
1018:
1017:
1014:
1012:
1009:
1005:
1004:
1001:
998:
996:
992:
991:
988:
985:
982:
978:
977:
973:
972:
965:
962:
959:
955:
954:
951:
948:
945:
944:
941:
938:
935:
934:
927:
924:
921:
918:
917:
914:
911:
907:
906:
903:
900:
896:
895:
890:An obligor is
888:
885:
882:
878:
877:
874:
871:
867:
866:
863:
860:
856:
855:
850:An obligor is
848:
845:
842:
838:
837:
834:
831:
827:
826:
823:
820:
816:
815:
809:An obligor is
807:
804:
801:
797:
796:
793:
790:
786:
785:
782:
779:
775:
774:
768:An obligor is
766:
763:
760:
756:
755:
752:
749:
745:
744:
741:
738:
734:
733:
725:
722:
719:
715:
714:
711:
708:
704:
703:
700:
697:
693:
692:
685:
682:
679:
675:
674:
671:
668:
664:
663:
660:
657:
653:
652:
645:
642:
639:
635:
634:
631:
628:
624:
623:
620:
617:
613:
612:
605:
602:
599:
595:
594:
591:
586:
581:
572:
569:
566:
565:
561:
560:
557:
553:
552:
549:
546:
543:
540:
537:
533:
532:
528:
527:
524:
521:
517:
516:
511:
508:
504:
503:
500:
497:
493:
492:
489:
486:
483:
480:
477:
474:
470:
469:
466:
463:
459:
458:
455:
452:
448:
447:
444:
441:
438:
435:
431:
430:
427:
424:
420:
419:
416:
413:
409:
408:
401:
396:
393:
390:
387:
384:
381:
378:
374:
373:
370:
367:
363:
362:
359:
356:
353:
350:
347:
343:
342:
339:
336:
333:
330:
326:
325:
322:
319:
316:
313:
310:
306:
305:
302:
299:
295:
294:
291:
288:
285:
282:
279:
275:
274:
271:
268:
264:
263:
260:
257:
253:
252:
249:
246:
243:
239:
238:
235:
232:
229:
226:
223:
220:
217:
214:
210:
209:
206:
203:
200:
197:
194:
191:
187:
186:
183:
180:
177:
174:
128:
125:
55:
52:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
4754:
4743:
4740:
4738:
4735:
4733:
4732:Credit rating
4730:
4728:
4725:
4723:
4720:
4719:
4717:
4707:
4704:
4701:
4698:
4696:
4693:
4690:
4687:
4686:
4682:
4673:
4667:
4664:
4660:
4656:
4651:
4648:
4636:
4630:
4627:
4615:
4609:
4606:
4594:
4590:
4584:
4581:
4576:
4572:
4566:
4563:
4559:
4549:on 2010-09-22
4545:
4538:
4532:
4530:
4526:
4514:
4508:
4505:
4502:
4498:
4494:
4490:
4485:
4482:
4469:
4465:
4458:
4455:
4448:
4444:
4441:
4439:
4436:
4434:
4431:
4430:
4426:
4419:
4416:
4413:
4410:
4407:
4404:
4401:
4398:
4395:
4392:
4389:
4386:
4383:
4380:
4377:
4374:
4371:
4366:
4365:
4361:
4358:
4355:
4352:
4349:
4346:
4343:
4340:
4337:
4334:
4331:
4328:
4325:
4322:
4319:
4316:
4313:
4310:
4309:
4305:
4302:
4299:
4296:
4293:
4290:
4287:
4284:
4281:
4278:
4275:
4272:
4269:
4266:
4263:
4260:
4257:
4254:
4253:
4249:
4246:
4243:
4240:
4237:
4234:
4231:
4228:
4225:
4222:
4219:
4216:
4213:
4210:
4207:
4204:
4201:
4198:
4197:
4193:
4190:
4187:
4184:
4181:
4178:
4175:
4172:
4169:
4166:
4163:
4160:
4157:
4154:
4151:
4148:
4145:
4142:
4141:
4137:
4134:
4131:
4128:
4125:
4122:
4119:
4116:
4113:
4110:
4107:
4104:
4101:
4098:
4095:
4092:
4089:
4086:
4085:
4081:
4078:
4075:
4072:
4069:
4066:
4063:
4060:
4057:
4054:
4051:
4048:
4045:
4042:
4039:
4036:
4033:
4030:
4029:
4025:
4022:
4019:
4016:
4013:
4010:
4007:
4004:
4001:
3998:
3995:
3992:
3989:
3986:
3983:
3980:
3977:
3974:
3973:
3969:
3966:
3963:
3960:
3957:
3954:
3951:
3948:
3945:
3942:
3939:
3936:
3933:
3930:
3927:
3924:
3921:
3918:
3917:
3913:
3910:
3907:
3904:
3901:
3898:
3895:
3892:
3889:
3886:
3883:
3880:
3877:
3874:
3871:
3868:
3865:
3862:
3861:
3857:
3854:
3851:
3848:
3845:
3842:
3839:
3836:
3833:
3830:
3827:
3824:
3821:
3818:
3815:
3812:
3809:
3806:
3805:
3801:
3798:
3795:
3792:
3789:
3786:
3783:
3780:
3777:
3774:
3771:
3768:
3765:
3762:
3759:
3756:
3753:
3750:
3749:
3745:
3742:
3739:
3736:
3733:
3730:
3727:
3724:
3721:
3718:
3715:
3712:
3709:
3706:
3703:
3700:
3697:
3694:
3693:
3689:
3686:
3683:
3680:
3677:
3674:
3671:
3668:
3665:
3662:
3659:
3656:
3653:
3650:
3647:
3644:
3641:
3638:
3637:
3633:
3630:
3627:
3624:
3621:
3618:
3615:
3612:
3609:
3606:
3603:
3600:
3597:
3594:
3591:
3588:
3585:
3582:
3581:
3577:
3574:
3571:
3568:
3565:
3562:
3559:
3556:
3553:
3550:
3547:
3544:
3541:
3538:
3535:
3532:
3529:
3526:
3525:
3521:
3518:
3515:
3512:
3509:
3506:
3503:
3500:
3497:
3494:
3491:
3488:
3485:
3482:
3479:
3476:
3473:
3470:
3469:
3465:
3462:
3459:
3456:
3453:
3450:
3447:
3444:
3441:
3438:
3435:
3432:
3429:
3426:
3423:
3420:
3417:
3414:
3413:
3409:
3406:
3403:
3401:
3398:
3395:
3392:
3389:
3386:
3383:
3380:
3377:
3374:
3371:
3368:
3365:
3362:
3359:
3358:
3354:
3351:
3348:
3345:
3342:
3339:
3336:
3333:
3330:
3327:
3324:
3321:
3318:
3315:
3312:
3309:
3306:
3303:
3302:
3298:
3295:
3292:
3289:
3286:
3283:
3280:
3277:
3274:
3271:
3268:
3265:
3262:
3259:
3256:
3253:
3250:
3247:
3246:
3242:
3239:
3236:
3233:
3230:
3227:
3224:
3221:
3218:
3215:
3212:
3209:
3206:
3203:
3200:
3197:
3194:
3191:
3190:
3186:
3183:
3180:
3177:
3174:
3171:
3168:
3165:
3162:
3159:
3156:
3153:
3150:
3147:
3144:
3141:
3138:
3135:
3134:
3123:
3120:
3117:
3114:
3111:
3108:
3105:
3102:
3099:
3096:
3093:
3090:
3087:
3084:
3081:
3078:
3075:
3070:
3069:
3065:
3062:
3059:
3056:
3053:
3050:
3047:
3044:
3041:
3038:
3035:
3032:
3029:
3026:
3023:
3020:
3017:
3014:
3013:
3009:
3006:
3003:
3000:
2997:
2994:
2991:
2988:
2985:
2982:
2979:
2976:
2973:
2970:
2967:
2964:
2961:
2958:
2957:
2953:
2950:
2947:
2944:
2941:
2938:
2935:
2932:
2929:
2926:
2923:
2920:
2917:
2914:
2911:
2908:
2905:
2902:
2901:
2897:
2894:
2891:
2888:
2885:
2882:
2879:
2876:
2873:
2870:
2867:
2864:
2861:
2858:
2855:
2852:
2849:
2846:
2845:
2841:
2838:
2835:
2832:
2829:
2826:
2823:
2820:
2817:
2814:
2811:
2808:
2805:
2802:
2799:
2796:
2793:
2790:
2789:
2785:
2782:
2779:
2776:
2773:
2770:
2767:
2764:
2761:
2758:
2755:
2752:
2749:
2746:
2743:
2740:
2737:
2734:
2733:
2729:
2726:
2723:
2720:
2717:
2714:
2711:
2708:
2705:
2702:
2699:
2696:
2693:
2690:
2687:
2684:
2681:
2678:
2677:
2673:
2670:
2667:
2664:
2661:
2658:
2655:
2652:
2649:
2646:
2643:
2640:
2637:
2634:
2631:
2628:
2625:
2622:
2621:
2617:
2614:
2611:
2608:
2605:
2602:
2599:
2596:
2593:
2590:
2587:
2584:
2581:
2578:
2575:
2572:
2569:
2566:
2565:
2561:
2558:
2555:
2552:
2549:
2546:
2543:
2540:
2537:
2534:
2531:
2528:
2525:
2522:
2519:
2516:
2513:
2510:
2509:
2505:
2502:
2499:
2496:
2493:
2490:
2487:
2484:
2481:
2478:
2475:
2472:
2469:
2466:
2463:
2460:
2457:
2454:
2453:
2449:
2446:
2443:
2440:
2437:
2434:
2431:
2428:
2425:
2422:
2419:
2416:
2413:
2410:
2407:
2404:
2401:
2398:
2397:
2393:
2390:
2387:
2384:
2381:
2378:
2375:
2372:
2369:
2366:
2363:
2360:
2357:
2354:
2351:
2348:
2345:
2342:
2341:
2337:
2334:
2331:
2328:
2325:
2322:
2319:
2316:
2313:
2310:
2307:
2304:
2301:
2298:
2295:
2292:
2289:
2286:
2285:
2281:
2278:
2275:
2272:
2269:
2266:
2263:
2260:
2257:
2254:
2251:
2248:
2245:
2242:
2239:
2236:
2233:
2230:
2229:
2225:
2222:
2219:
2216:
2213:
2210:
2207:
2204:
2201:
2198:
2195:
2192:
2189:
2186:
2183:
2180:
2177:
2174:
2173:
2169:
2166:
2163:
2160:
2157:
2154:
2151:
2148:
2145:
2142:
2139:
2136:
2133:
2130:
2127:
2124:
2121:
2118:
2117:
2113:
2110:
2107:
2104:
2101:
2098:
2095:
2092:
2089:
2086:
2083:
2080:
2077:
2074:
2071:
2068:
2065:
2062:
2061:
2057:
2054:
2051:
2048:
2045:
2042:
2039:
2036:
2033:
2030:
2027:
2024:
2021:
2018:
2015:
2012:
2009:
2006:
2005:
2001:
1998:
1995:
1992:
1989:
1986:
1983:
1980:
1977:
1974:
1971:
1968:
1965:
1962:
1959:
1956:
1953:
1950:
1949:
1945:
1942:
1939:
1936:
1933:
1930:
1927:
1924:
1921:
1918:
1915:
1912:
1909:
1906:
1903:
1900:
1897:
1894:
1893:
1889:
1886:
1883:
1880:
1877:
1874:
1871:
1868:
1865:
1862:
1859:
1856:
1853:
1850:
1847:
1844:
1841:
1838:
1837:
1833:
1830:
1827:
1824:
1821:
1818:
1815:
1812:
1809:
1806:
1803:
1800:
1797:
1794:
1791:
1788:
1785:
1782:
1781:
1777:
1774:
1771:
1768:
1765:
1762:
1759:
1756:
1753:
1750:
1747:
1744:
1741:
1738:
1735:
1732:
1729:
1726:
1725:
1721:
1718:
1715:
1712:
1709:
1706:
1703:
1700:
1697:
1694:
1691:
1688:
1685:
1682:
1679:
1676:
1673:
1670:
1669:
1665:
1662:
1659:
1656:
1653:
1650:
1647:
1644:
1641:
1638:
1635:
1632:
1629:
1626:
1623:
1620:
1617:
1614:
1613:
1609:
1606:
1603:
1600:
1597:
1594:
1591:
1588:
1585:
1582:
1579:
1576:
1573:
1570:
1567:
1564:
1561:
1558:
1557:
1553:
1550:
1547:
1544:
1541:
1538:
1535:
1532:
1529:
1526:
1523:
1520:
1517:
1514:
1511:
1508:
1505:
1502:
1501:
1497:
1494:
1491:
1488:
1485:
1482:
1479:
1476:
1473:
1470:
1467:
1464:
1461:
1458:
1455:
1452:
1449:
1446:
1445:
1441:
1438:
1435:
1432:
1429:
1426:
1423:
1420:
1417:
1414:
1411:
1408:
1405:
1402:
1399:
1396:
1393:
1390:
1389:
1385:
1382:
1379:
1376:
1373:
1370:
1367:
1364:
1361:
1358:
1355:
1352:
1349:
1346:
1343:
1340:
1337:
1334:
1333:
1329:
1326:
1323:
1320:
1317:
1314:
1311:
1308:
1305:
1302:
1299:
1296:
1293:
1290:
1287:
1284:
1281:
1278:
1277:
1273:
1270:
1267:
1264:
1261:
1258:
1255:
1252:
1249:
1246:
1243:
1240:
1237:
1234:
1231:
1228:
1225:
1222:
1221:
1217:
1214:
1211:
1208:
1205:
1202:
1199:
1196:
1193:
1190:
1187:
1184:
1181:
1178:
1175:
1172:
1169:
1166:
1165:
1159:
1157:
1149:Default rates
1148:
1146:
1144:
1143:United States
1140:
1133:
1131:
1129:
1125:
1121:
1112:
1110:
1108:
1107:risk premiums
1104:
1099:
1097:
1093:
1088:
1084:
1082:
1078:
1074:
1070:
1069:Fitch Ratings
1066:
1062:
1058:
1050:
1043:
1040:
1037:
1034:
1033:
1028:
1025:
1022:
1020:
1019:
1015:
1013:
1010:
1007:
1006:
1002:
999:
997:
994:
993:
989:
986:
983:
980:
979:
974:
970:
966:
963:
960:
957:
956:
952:
949:
947:
946:
942:
939:
937:
936:
932:
925:
922:
920:
919:
915:
912:
909:
908:
904:
901:
898:
897:
893:
886:
883:
880:
879:
875:
872:
869:
868:
864:
861:
858:
857:
853:
846:
843:
840:
839:
835:
832:
829:
828:
824:
821:
818:
817:
812:
805:
802:
799:
798:
794:
791:
788:
787:
783:
780:
777:
776:
771:
764:
761:
758:
757:
753:
750:
747:
746:
742:
739:
736:
735:
730:
723:
720:
717:
716:
712:
709:
706:
705:
701:
698:
695:
694:
690:
683:
680:
677:
676:
672:
669:
666:
665:
661:
658:
655:
654:
650:
643:
640:
637:
636:
632:
629:
626:
625:
621:
618:
615:
614:
610:
603:
600:
597:
596:
592:
590:
587:
585:
582:
580:
577:
576:
570:
563:
562:
558:
554:
544:
535:
534:
530:
529:
522:
518:
509:
506:
505:
501:
498:
495:
494:
490:
475:
472:
471:
467:
464:
461:
460:
456:
453:
450:
449:
439:
436:
433:
432:
428:
425:
422:
421:
417:
414:
411:
410:
388:
382:
376:
375:
371:
368:
365:
364:
357:
351:
345:
344:
334:
331:
328:
327:
320:
314:
308:
307:
303:
300:
297:
296:
286:
280:
277:
276:
272:
269:
266:
265:
261:
258:
255:
254:
247:
244:
241:
240:
233:
224:
218:
212:
211:
207:
204:
201:
198:
195:
192:
189:
188:
181:
171:
168:
166:
160:
158:
154:
150:
145:
141:
137:
134:
126:
124:
120:
118:
113:
111:
107:
103:
99:
95:
91:
87:
83:
79:
75:
73:
69:
65:
64:Fitch Ratings
61:
53:
51:
49:
45:
41:
37:
33:
19:
4666:
4658:
4650:
4639:. Retrieved
4629:
4618:. Retrieved
4608:
4596:. Retrieved
4592:
4583:
4574:
4565:
4557:
4551:. Retrieved
4544:the original
4517:. Retrieved
4507:
4484:
4472:. Retrieved
4468:the original
4457:
1152:
1137:
1116:
1100:
1091:
1089:
1085:
1064:
1060:
1054:
968:
930:
891:
851:
810:
769:
728:
688:
648:
608:
164:
161:
130:
121:
114:
76:
57:
35:
29:
4737:Credit risk
4722:Bond market
4433:Credit risk
1126:(MBSs) and
1011:Unsolicited
1008:Unsolicited
649:very strong
551:In default
400:speculative
251:High grade
205:Short-term
199:Short-term
193:Short-term
4727:Investment
4716:Categories
4708:(Jul 2007)
4702:(Mar 2005)
4641:2012-03-29
4620:2012-03-29
4598:August 20,
4553:2009-09-21
4519:2012-03-29
4449:References
4369:deviation
3073:deviation
1096:junk bonds
380:Not prime
202:Long-term
196:Long-term
190:Long-term
136:securities
115:Under the
32:investment
4575:Bloomberg
4515:. Sec.gov
4138:CCC to C
3187:CCC to C
2842:CCC to C
1218:CCC to C
1113:Criticism
987:Expected
153:Microsoft
94:A.M. Best
4497:Archived
4427:See also
4367:Standard
4311:Maximum
4255:Minimum
3071:Standard
3015:Maximum
2959:Minimum
729:adequate
176:S&P
173:Moody's
138:such as
4199:Median
4087:Summary
2903:Median
2791:Summary
1077:Moody's
1073:S&P
584:S&P
579:Moody's
165:Outlook
68:Moody's
4474:29 May
4420:16.60
4362:56.92
4250:17.63
4194:16.73
4082:56.92
4026:24.11
3970:19.18
3914:16.08
3858:13.79
3802:32.58
3746:27.03
3690:26.87
3578:19.35
3522:22.58
3466:20.69
3410:31.03
3355:52.63
3124:11.93
3066:44.55
2954:22.25
2898:22.67
2786:26.53
2730:14.81
2674:13.08
2562:15.11
2506:33.13
2450:44.12
2394:44.55
2338:34.12
2282:32.35
2226:42.86
2170:12.00
2058:28.00
2002:16.67
1946:13.33
1890:30.19
1834:33.87
1778:31.25
1722:31.58
1666:20.37
1610:12.28
1554:23.08
1498:15.38
1442:25.00
1330:21.43
969:failed
689:strong
179:Fitch
100:Ltd.;
34:, the
4547:(PDF)
4540:(PDF)
4402:12.39
4359:23.24
4356:12.84
4350:12.50
4143:Mean
4079:10.28
4076:12.84
4031:2008
3975:2007
3919:2006
3863:2005
3807:2004
3751:2003
3743:23.24
3695:2002
3639:2001
3634:5.26
3583:2000
3527:1999
3471:1998
3415:1997
3399:12.50
3360:1996
3304:1995
3248:1994
3192:1993
3063:32.43
3060:16.25
2847:Mean
2735:2008
2679:2007
2623:2006
2618:8.87
2567:2005
2511:2004
2455:2003
2447:19.53
2399:2002
2391:23.31
2388:15.74
2343:2001
2335:11.50
2332:10.66
2287:2000
2279:15.45
2276:10.55
2231:1999
2175:1998
2167:14.58
2119:1997
2114:4.17
2063:1996
2007:1995
1951:1994
1895:1993
1887:20.83
1884:14.93
1839:1992
1831:32.43
1828:16.25
1783:1991
1775:22.58
1772:12.26
1727:1990
1671:1989
1615:1988
1559:1987
1551:16.67
1548:12.16
1503:1986
1492:13.11
1447:1985
1391:1984
1386:6.67
1335:1983
1279:1982
1223:1981
876:CCC-
873:CCC-
870:Caa3
859:Caa2
847:CCC+
754:BBB−
724:BBB+
633:AAA-
630:AAA-
627:Aaa3
616:Aaa2
604:AAA+
589:Fitch
510:CCC−
473:Caa1
372:BBB−
335:BBB+
234:Prime
222:A-1+
208:NAIC
140:bonds
84:are "
44:bonds
4600:2019
4476:2013
4417:5.59
4414:2.93
4411:2.20
4408:2.90
4405:1.02
4399:0.78
4396:0.29
4393:0.76
4390:0.35
4387:0.24
4384:0.23
4381:0.23
4378:0.10
4375:0.07
4372:0.09
4353:8.53
4347:4.21
4341:3.45
4338:1.26
4335:2.27
4332:1.42
4329:1.04
4326:1.15
4323:1.15
4320:0.57
4317:0.35
4314:0.53
4244:1.55
4241:0.26
4235:0.61
4191:2.83
4188:2.18
4185:1.22
4182:1.24
4179:0.81
4176:3.56
4173:0.38
4170:0.16
4167:0.37
4164:0.14
4161:0.08
4158:0.06
4155:0.05
4152:0.02
4149:0.01
4146:0.02
4117:BBB−
4111:BBB+
4073:8.53
4070:5.07
4067:4.21
4064:5.60
4061:3.45
4058:1.26
4055:2.27
4052:1.42
4049:0.87
4046:1.15
4043:1.15
4040:0.57
4037:0.35
4034:0.53
4023:1.47
4020:1.55
4017:0.68
4014:1.53
4011:1.61
4008:5.07
4005:1.27
4002:0.47
3999:0.48
3996:0.21
3993:0.10
3987:0.08
3984:0.07
3981:0.03
3978:0.04
3967:1.42
3964:0.36
3961:0.26
3958:0.36
3955:0.33
3949:0.20
3946:0.06
3911:2.53
3908:1.34
3905:0.33
3902:0.45
3899:0.14
3896:0.15
3893:0.06
3890:0.08
3855:3.56
3852:2.23
3849:0.79
3846:0.29
3843:0.81
3840:0.50
3837:0.17
3834:0.16
3799:5.15
3796:1.64
3793:3.28
3790:1.43
3787:0.84
3784:0.75
3781:0.50
3778:0.60
3775:0.20
3772:0.16
3769:0.03
3766:0.19
3740:3.60
3737:2.50
3734:1.12
3731:2.03
3728:1.26
3725:0.70
3722:0.19
3719:1.77
3713:0.14
3710:0.27
3704:0.06
3687:3.27
3684:2.69
3681:2.00
3678:0.91
3675:0.55
3672:0.83
3669:0.86
3663:2.22
3657:0.12
3642:0.05
3628:2.19
3619:0.61
3610:0.11
3572:1.54
3557:0.39
3548:0.77
3516:2.34
3507:1.03
3498:0.19
3492:0.91
3489:1.04
3396:0.61
3378:0.15
3349:0.95
3340:0.98
3331:0.43
3293:1.85
3237:6.25
3166:BBB−
3160:BBB+
3136:Year
3121:7.82
3118:4.51
3115:2.02
3112:1.83
3109:0.84
3106:0.96
3103:0.43
3100:0.36
3097:0.32
3094:0.20
3091:0.13
3088:0.14
3085:0.10
3082:0.08
3057:8.72
3054:7.04
3051:3.06
3048:3.70
3045:1.33
3042:1.40
3039:1.11
3036:0.78
3033:0.49
3030:0.57
3027:0.40
3024:0.43
2951:7.69
2948:6.27
2945:2.06
2942:0.86
2939:0.83
2936:0.18
2930:0.08
2895:9.97
2892:7.28
2889:2.44
2886:1.53
2883:0.89
2880:0.68
2877:0.28
2874:0.28
2871:0.16
2868:0.08
2865:0.06
2862:0.05
2859:0.03
2856:0.02
2821:BBB−
2815:BBB+
2783:7.02
2780:3.29
2777:2.97
2774:0.63
2771:0.63
2768:1.14
2765:0.71
2762:0.59
2759:0.18
2756:0.58
2753:0.21
2750:0.31
2747:0.40
2744:0.43
2727:0.88
2721:0.19
2718:0.23
2715:0.30
2671:1.58
2668:0.78
2665:0.54
2662:0.48
2656:0.36
2615:2.98
2612:2.59
2609:0.78
2606:0.25
2600:0.36
2594:0.17
2559:2.82
2556:2.68
2553:0.46
2550:0.76
2547:0.64
2529:0.23
2503:9.23
2500:5.16
2497:1.70
2494:0.27
2491:0.94
2488:0.48
2485:0.52
2482:0.19
2444:9.63
2441:3.69
2438:4.62
2435:1.74
2432:1.50
2429:1.31
2426:0.65
2423:1.11
2385:5.94
2382:6.27
2379:1.19
2376:0.49
2373:0.27
2370:0.48
2367:0.24
2361:0.49
2358:0.57
2329:5.60
2326:2.29
2323:0.80
2317:0.88
2314:0.26
2308:0.56
2305:0.24
2273:4.20
2270:0.90
2267:1.33
2264:0.54
2261:0.30
2258:0.28
2252:0.27
2249:0.24
2243:0.36
2223:9.46
2220:7.47
2217:2.57
2214:0.72
2211:1.06
2208:1.29
2205:0.70
2202:0.54
2164:5.19
2161:0.72
2158:0.41
2146:0.34
2143:0.36
2111:3.92
2108:3.74
2105:2.33
2102:0.55
2099:0.65
2096:0.86
2055:7.69
2052:8.00
2049:2.76
2046:1.11
2043:1.55
2037:0.63
1999:3.23
1996:6.58
1993:1.83
1987:0.86
1966:0.45
1943:4.17
1940:5.88
1937:1.30
1931:1.92
1881:0.72
1825:8.72
1822:1.05
1819:1.11
1816:3.70
1810:0.74
1807:0.83
1769:4.87
1766:4.46
1763:3.06
1760:2.78
1757:1.10
1751:0.76
1719:4.88
1716:7.80
1713:0.43
1710:1.98
1698:0.78
1695:0.90
1663:9.80
1660:4.50
1657:1.98
1654:2.33
1607:6.82
1604:5.95
1601:1.31
1598:0.83
1545:4.65
1542:1.12
1539:1.18
1536:1.82
1530:0.78
1524:0.78
1495:8.00
1489:2.59
1486:1.33
1483:1.49
1480:1.64
1439:7.69
1436:3.51
1433:2.13
1430:1.49
1427:1.64
1418:1.40
1383:4.76
1380:9.80
1377:1.22
1374:1.59
1368:2.17
1365:1.33
1327:7.41
1324:2.33
1321:2.22
1318:7.04
1315:2.86
1306:0.68
1297:0.33
1268:3.28
1197:BBB−
1191:BBB+
1167:Year
1057:bond
981:e, p
916:CC-
913:CC-
910:Ca3
899:Ca2
887:CC+
865:CCC
862:CCC
844:CCC+
841:Caa1
795:BB−
765:BB+
751:BBB−
748:Baa3
743:BBB
737:Baa2
721:BBB+
718:Baa1
673:AA−
644:AA+
622:AAA
619:AAA
601:AAA+
598:Aaa1
507:Caa3
496:Caa2
476:CCC+
429:BB−
369:BBB−
366:Baa3
355:A-3
349:P-3
346:Baa2
332:BBB+
329:Baa1
318:A-2
312:P-2
284:A-1
273:AA−
248:AA+
228:F1+
216:P-1
155:and
133:debt
98:DBRS
70:and
4344:5.6
4126:BB−
4120:BB+
4114:BBB
4099:AA−
4093:AA+
4090:AAA
3175:BB−
3169:BB+
3163:BBB
3148:AA−
3142:AA+
3139:AAA
2830:BB−
2824:BB+
2818:BBB
2803:AA−
2797:AA+
2794:AAA
1206:BB−
1200:BB+
1194:BBB
1179:AA−
1173:AA+
1170:AAA
1071:or
1063:or
1041:NR
1026:RD
1000:WD
953:C-
950:C-
926:C+
905:CC
902:CC
884:CC+
881:Ca1
836:B−
806:B+
792:BB−
789:Ba3
784:BB
778:Ba2
762:BB+
759:Ba1
740:BBB
713:A−
684:A+
670:AA−
667:Aa3
662:AA
656:Aa2
641:AA+
638:Aa1
559:DD
545:DDD
523:CC
499:CCC
482:CCC
468:B−
440:B+
426:BB−
423:Ba3
418:BB
412:Ba2
389:BB+
383:BB+
377:Ba1
361:F3
358:BBB
352:BBB
324:F2
290:F1
278:A1
270:AA−
267:Aa3
262:AA
256:Aa2
245:AA+
242:Aa1
225:AAA
219:AAA
213:Aaa
149:Aaa
82:SEC
30:In
4718::
4657:.
4591:.
4573:.
4556:.
4528:^
4491:,
4306:0
4135:B−
4129:B+
4123:BB
4108:A−
4102:A+
4096:AA
3299:0
3243:0
3184:B−
3178:B+
3172:BB
3157:A−
3151:A+
3145:AA
3010:0
2839:B−
2833:B+
2827:BB
2812:A−
2806:A+
2800:AA
1274:0
1215:B−
1209:B+
1203:BB
1188:A−
1182:A+
1176:AA
1098:.
1065:IG
1055:A
1038:NR
1035:NR
1023:SD
995:WR
984:pr
964:D
943:C
940:C
923:C+
894:.
833:B−
830:B3
825:B
819:B2
803:B+
800:B1
781:BB
710:A−
707:A3
702:A
696:A2
681:A+
678:A1
659:AA
564:D
556:/
548:/
542:/
536:C
531:C
526:6
520:Ca
488:5
485:C
479:C
465:B−
462:B3
457:B
451:B2
443:4
437:B+
434:B1
415:BB
395:3
392:B
386:B
338:2
321:A−
315:A−
309:A3
304:A
298:A2
287:A+
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20:)
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