Bond Ratings

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