| Moody’s | S&P | Fitch | Definitions | ||
| Investment Grade Bond | |||||
| Aaa | AAA | AAA | Highest Safety Rating | ||
| Aa1 | AA+ | AA+ | |||
| Aa2 | AA | AA | Very High Quality | ||
| Aa3 | AA- | AA- | |||
| A1 | A+ | A+ | High Quality | ||
| A2 | A | A | |||
| A3 | A- | A- | |||
| Baa1 | BBB+ | BBB+ | |||
| Baa2 | BBB | BBB | Minimum Investment Grade | ||
| Baa3 | BBB- | BBB- | |||
| Non Investment Grade (Junk) Bond | |||||
| Ba1 | BB+ | BB+ | Non Investment Grade | ||
| Ba2 | BB | BB | Speculative | ||
| Ba3 | BB- | BB- | |||
| B1 | B+ | B+ | |||
| B2 | B | B | Highly Speculative | ||
| 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 | |||
| - | - | - | |||
Auri Elan - The Spirit of Investing
1185 Washington St Suite 2 Newton, MA, 02465 USA
richard.suder@lpl.com • 617-329-1185
1185 Washington St Suite 2 Newton, MA, 02465 USA
richard.suder@lpl.com • 617-329-1185



