Moody's uses a rating system for the quality of long-term bonds.
Format:
(1) categories: A, B, C
(2) classes for A, B and C using aa, a and numbers from 1 to 3
Investment grade: Aaa to Baa3
Non-investment grade (high-yield, junk): Ba1 to C
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Rating (22)
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Rating
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Aaa
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prime
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Aa1
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high grade
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Aa2
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high grade
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Aa3
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high grade
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A1
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upper medium
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A2
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upper medium
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A3
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upper medium
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Baa1
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lower medium
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Baa2
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lower medium
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Baa3-
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lower medium
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Ba1
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speculative
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Ba2
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speculative
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Ba3
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speculative
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B1
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highly speculative
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B2
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highly speculative
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B3
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highly speculative
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Caa1
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substantial risk
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Caa2
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extremely speculative
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Caa3
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default imminent
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Ca
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default imminent
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C
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in default
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