AAA
Capacity for payment of financial commitments is exceptionally strong, and highly unlikely to be adversely affected by foreseeable changes in circumstances.
AA
Capacity for payment of financial commitments is very strong, and less likely to be adversely affected by foreseeable changes in circumstances.
A
Capacity for payment of financial commitments is strong, but more likely to be adversely affected by foreseeable changes in circumstances than above ratings.
BBB
Capacity for payment of financial commitments is adequate, but more likely to decline by foreseeable changes in circumstances.
BB
Capacity for payment of financial commitments is considered adequate, but has speculative characteristics.
B
Capacity for payment of financial commitments is lacking and speculative, and its future stability is uncertain.
CCC
Capacity for payment of financial commitments contains a high possibility of default.
CC
Capacity for payment of financial commitments contains a very high possibility of default.
C
Capacity for payment of financial commitments contains an extremely high possibility of default.
D
Payment default on financial commitments.
R
Reservation for credit rating from financial statements with less than one year or a sudden change of management.