Structured Product Guide

The rating scale issued to banks by each of the agencies is effectively operates like report card - a mark plus some comment or observation about the outlook - which for Standard and Poor’s and Moody’s are shown below.

Moody’s

Standard & Poor’s

Fitch Ratings

Rating Description

Aaa Aa1 Aa2 Aa3

AAA AA+

AAA AA+

Prime

AA

AA AA A+

High grade

AA-

A1

A+

A2 A3

A

A

Upper Medium Grade

A-

A-

Baa1 Baa2 Baa3

BBB+ BBB BBB-

BBB+ BBB BBB-

Lower Medium Grade

Ba1 Ba2 Ba3

BB+

BB+

Non-investment grade/Speculative

BB

BB

BB-

BB-

B1

B+

B+

B2 B3

B

B

Highly Speculative

B-

B-

Caa1 Caa2 Caa3

CCC+ CCC CCC-

CCC+ CCC CCC-

Extremely Speculative

CC

CC

Ca

C

C

Default Imminent

C

RD SD

DDD

/ /

DD

In Default

D

D

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