Standard & Poors’ Ratings For Bonds:

Note: Ratings can be additionally extended with + or – sign (AA-  is poorer than AA).

BBB- is the lowest investment-grade rating.

AAA    Extremely good credit; extremely reliable with financial obligations

AA       Very good credit quality; very reliable

A          Good credit;  susceptible to economic conditions

B          Currently showing ability to meet financial obligations; vulnerable to economic conditions

BB       Best sub-investment credit;  caution is necessary

BBB    Lowest investment-grade rating

C         Payments on current obligations continuing; close to or already bankrupt

CC      Currently vulnerable to nonpayment; dependent on favorable economic conditions

CCC   Highly vulnerable to payment default

D         Payment default(s) has already occurred