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Bond credit rating

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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);
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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
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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.
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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.
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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
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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.
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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
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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.
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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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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.
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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: 4463: 4543: 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: 4488: 116: 1127: 4634: 4613: 854:, and is dependent upon favourable business, financial, and economic conditions to meet its financial commitments. 105: 101: 4699: 1123: 1119: 651:
capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree.
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Standard & Poor's one-year global structured finance default rates by refined rating category, 1978–2008
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Standard & Poor's one-year global corporate default rates by refined rating category, 1981–2008
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No rating has been requested, or there is insufficient information on which to base a rating.
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to pay one or more of its financial obligations (rated or unrated) when it became due.
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and used by investment professionals to assess the likelihood the debt will be repaid.
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Investment Grade Real Estate | How To Purchase Property With Credit Rated Tenants
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This rating was initiated by the ratings agency and not requested by the issuer.
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to nonpayment. May be used where a bankruptcy petition has been filed.
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in India: ICRA (ICRA), Credit Analysis and Research (CARE) and CRISIL.
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are instruments issued by local, state, or federal governments in the
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The risks associated with investment-grade bonds (or investment-grade
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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
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has important market implications for issuers' borrowing costs.
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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.
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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: 4454: 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 928: 889: 849: 808: 767: 726: 686: 646: 606: 555: 550: 547: 541: 538: 525: 519: 512: 487: 484: 481: 478: 445: 442: 397: 394: 391: 385: 360: 354: 348: 340: 337: 323: 317: 311: 292: 289: 283: 250: 230: 227: 221: 215: 178: 175: 172: 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: 1163: 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) 4424: 4423: 3128: 3127: 1048: 1047: 568: 567: 237:Investment-grade 40:credit worthiness 16:(Redirected from 4749: 4676: 4675: 4668: 4662: 4652: 4646: 4645: 4643: 4642: 4631: 4625: 4624: 4622: 4621: 4610: 4604: 4603: 4601: 4599: 4585: 4579: 4578: 4567: 4561: 4560: 4555: 4554: 4548: 4541: 4533: 4524: 4523: 4521: 4520: 4509: 4503: 4486: 4480: 4479: 4477: 4475: 4459: 3133: 1164: 1092:high yield bonds 1079:, the so-called 1061:investment grade 1051:Investment grade 609:extremely strong 575: 170: 21: 18:Investment grade 4757: 4756: 4752: 4751: 4750: 4748: 4747: 4746: 4712: 4711: 4685: 4680: 4679: 4670: 4669: 4665: 4653: 4649: 4640: 4638: 4633: 4632: 4628: 4619: 4617: 4612: 4611: 4607: 4597: 4595: 4587: 4586: 4582: 4569: 4568: 4564: 4552: 4550: 4546: 4539: 4535: 4534: 4527: 4518: 4516: 4511: 4510: 4506: 4501:Wayback Machine 4487: 4483: 4473: 4471: 4470:on 27 July 2013 4461: 4460: 4456: 4451: 4429: 4368: 3072: 1151: 1139:Municipal bonds 1136: 1134:Municipal bonds 1115: 1053: 967:An obligor has 929:The obligor is 811:more vulnerable 770:less vulnerable 727:An obligor has 687:An obligor has 647:An obligor has 607:An obligor has 573: 514: 407:AKA junk bonds 406: 404: 399: 129: 96:Company, Inc.; 56: 38:represents the 28: 23: 22: 15: 12: 11: 5: 4755: 4753: 4745: 4744: 4742:Bond valuation 4739: 4734: 4729: 4724: 4714: 4713: 4710: 4709: 4703: 4697: 4692: 4684: 4683:External links 4681: 4678: 4677: 4663: 4647: 4626: 4605: 4580: 4562: 4525: 4504: 4481: 4453: 4452: 4450: 4447: 4446: 4445: 4440: 4435: 4428: 4425: 4422: 4421: 4418: 4415: 4412: 4409: 4406: 4403: 4400: 4397: 4394: 4391: 4388: 4385: 4382: 4379: 4376: 4373: 4370: 4364: 4363: 4360: 4357: 4354: 4351: 4348: 4345: 4342: 4339: 4336: 4333: 4330: 4327: 4324: 4321: 4318: 4315: 4312: 4308: 4307: 4304: 4301: 4298: 4295: 4292: 4289: 4286: 4283: 4280: 4277: 4274: 4271: 4268: 4265: 4262: 4259: 4256: 4252: 4251: 4248: 4245: 4242: 4239: 4236: 4233: 4230: 4227: 4224: 4221: 4218: 4215: 4212: 4209: 4206: 4203: 4200: 4196: 4195: 4192: 4189: 4186: 4183: 4180: 4177: 4174: 4171: 4168: 4165: 4162: 4159: 4156: 4153: 4150: 4147: 4144: 4140: 4139: 4136: 4133: 4130: 4127: 4124: 4121: 4118: 4115: 4112: 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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+ 281:A+ 259:AA 231:1 108:; 92:: 66:, 62:– 4644:. 4623:. 4602:. 4522:. 4478:. 4303:0 4300:0 4297:0 4294:0 4291:0 4288:0 4285:0 4282:0 4279:0 4276:0 4273:0 4270:0 4267:0 4264:0 4261:0 4258:0 4247:0 4238:0 4232:0 4229:0 4226:0 4223:0 4220:0 4217:0 4214:0 4211:0 4208:0 4205:0 4202:0 4132:B 4105:A 3990:0 3952:0 3943:0 3940:0 3937:0 3934:0 3931:0 3928:0 3925:0 3922:0 3887:0 3884:0 3881:0 3878:0 3875:0 3872:0 3869:0 3866:0 3831:0 3828:0 3825:0 3822:0 3819:0 3816:0 3813:0 3810:0 3763:0 3760:0 3757:0 3754:0 3716:0 3707:0 3701:0 3698:0 3666:0 3660:0 3654:0 3651:0 3648:0 3645:0 3631:0 3625:0 3622:0 3616:0 3613:0 3607:0 3604:0 3601:0 3598:0 3595:0 3592:0 3589:0 3586:0 3575:0 3569:0 3566:0 3563:0 3560:0 3554:0 3551:0 3545:0 3542:0 3539:0 3536:0 3533:0 3530:0 3519:0 3513:0 3510:0 3504:0 3501:0 3495:0 3486:0 3483:0 3480:0 3477:0 3474:0 3463:0 3460:0 3457:0 3454:0 3451:0 3448:0 3445:0 3442:0 3439:0 3436:0 3433:0 3430:0 3427:0 3424:0 3421:0 3418:0 3407:0 3404:0 3393:0 3390:0 3387:0 3384:0 3381:0 3375:0 3372:0 3369:0 3366:0 3363:0 3352:0 3346:0 3343:0 3337:0 3334:0 3328:0 3325:0 3322:0 3319:0 3316:0 3313:0 3310:0 3307:0 3296:0 3290:0 3287:0 3284:0 3281:0 3278:0 3275:0 3272:0 3269:0 3266:0 3263:0 3260:0 3257:0 3254:0 3251:0 3240:0 3234:0 3231:0 3228:0 3225:0 3222:0 3219:0 3216:0 3213:0 3210:0 3207:0 3204:0 3201:0 3198:0 3195:0 3181:B 3154:A 3079:0 3076:0 3021:0 3018:0 3007:0 3004:0 3001:0 2998:0 2995:0 2992:0 2989:0 2986:0 2983:0 2980:0 2977:0 2974:0 2971:0 2968:0 2965:0 2962:0 2933:0 2927:0 2924:0 2921:0 2918:0 2915:0 2912:0 2909:0 2906:0 2853:0 2850:0 2836:B 2809:A 2741:0 2738:0 2724:0 2712:0 2709:0 2706:0 2703:0 2700:0 2697:0 2694:0 2691:0 2688:0 2685:0 2682:0 2659:0 2653:0 2650:0 2647:0 2644:0 2641:0 2638:0 2635:0 2632:0 2629:0 2626:0 2603:0 2597:0 2591:0 2588:0 2585:0 2582:0 2579:0 2576:0 2573:0 2570:0 2544:0 2541:0 2538:0 2535:0 2532:0 2526:0 2523:0 2520:0 2517:0 2514:0 2479:0 2476:0 2473:0 2470:0 2467:0 2464:0 2461:0 2458:0 2420:0 2417:0 2414:0 2411:0 2408:0 2405:0 2402:0 2364:0 2355:0 2352:0 2349:0 2346:0 2320:0 2311:0 2302:0 2299:0 2296:0 2293:0 2290:0 2255:0 2246:0 2240:0 2237:0 2234:0 2199:0 2196:0 2193:0 2190:0 2187:0 2184:0 2181:0 2178:0 2155:0 2152:0 2149:0 2140:0 2137:0 2134:0 2131:0 2128:0 2125:0 2122:0 2093:0 2090:0 2087:0 2084:0 2081:0 2078:0 2075:0 2072:0 2069:0 2066:0 2040:0 2034:0 2031:0 2028:0 2025:0 2022:0 2019:0 2016:0 2013:0 2010:0 1990:0 1984:0 1981:0 1978:0 1975:0 1972:0 1969:0 1963:0 1960:0 1957:0 1954:0 1934:0 1928:0 1925:0 1922:0 1919:0 1916:0 1913:0 1910:0 1907:0 1904:0 1901:0 1898:0 1878:0 1875:0 1872:0 1869:0 1866:0 1863:0 1860:0 1857:0 1854:0 1851:0 1848:0 1845:0 1842:0 1813:0 1804:0 1801:0 1798:0 1795:0 1792:0 1789:0 1786:0 1754:0 1748:0 1745:0 1742:0 1739:0 1736:0 1733:0 1730:0 1707:0 1704:0 1701:0 1692:0 1689:0 1686:0 1683:0 1680:0 1677:0 1674:0 1651:0 1648:0 1645:0 1642:0 1639:0 1636:0 1633:0 1630:0 1627:0 1624:0 1621:0 1618:0 1595:0 1592:0 1589:0 1586:0 1583:0 1580:0 1577:0 1574:0 1571:0 1568:0 1565:0 1562:0 1533:0 1527:0 1521:0 1518:0 1515:0 1512:0 1509:0 1506:0 1477:0 1474:0 1471:0 1468:0 1465:0 1462:0 1459:0 1456:0 1453:0 1450:0 1424:0 1421:0 1415:0 1412:0 1409:0 1406:0 1403:0 1400:0 1397:0 1394:0 1371:0 1362:0 1359:0 1356:0 1353:0 1350:0 1347:0 1344:0 1341:0 1338:0 1312:0 1309:0 1303:0 1300:0 1294:0 1291:0 1288:0 1285:0 1282:0 1271:0 1265:0 1262:0 1259:0 1256:0 1253:0 1250:0 1247:0 1244:0 1241:0 1238:0 1235:0 1232:0 1229:0 1226:0 1212:B 1185:A 1154:" 961:D 958:C 822:B 699:A 539:D 454:B 301:A 20:)

Index

Investment grade
investment
credit worthiness
bonds
credit rating agencies
"Big Three" credit rating agencies
Fitch Ratings
Moody's
Standard & Poor's
Credit rating agencies
SEC
nationally recognized statistical rating organizations
currently registered as NRSROs
A.M. Best
DBRS
Egan-Jones Rating Company
Japan Credit Rating Agency
Kroll Bond Rating Agency
Credit Rating Agency Reform Act
debt
securities
bonds
credit rating agencies
Aaa
Microsoft
Johnson & Johnson
Moody's
S&P
Fitch
bond

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