S&P and Fitch use a comparable rating system for the quality of long-term bonds.
(1) categories: A, B, C, D
(2) classes for A, B and C using triple, double and single letter (AAA, AA, A)
(3) subclasses + and - for interim quality (example: AA+ > AA > AA-)
Investment grade: AAA to BBB-
Non-investment grade (high-yield, junk): BB+ to D
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