AAA +++ AFTER DEEPEST GROUND ZERO-RATING +++ BBB +++ DANGER AND DIRTY WORK BONUSES +++ CCC +++ WE ARE BACK IN THE BIG DEAL +++ DDD
AAA P-1 AAA A-1+ AAA A1+ Prime Aa1 AA + AA+ High grade Aa2 AAA Aa3 AA- AAA1 A + A-1 A+ A1 Upper medium grade A2 AAA 3P-2 A- A-2 A- A2 Baa1 BBB + BBB + Lower medium grade Baa2 P-3 BBB A-3 BBB A3 Baa3 BBB- BBB- Ba1 Not Prime BB + B BB + B Non Investment grade speculative Ba2 BBBB Ba3 BBBB - B1 B + B + Highly Speculative B2 B B B3 B - B - Caa1 CCC + CCCC C Substantial risks Caa 2 CCC Extemely speculative Caa3 CCC - In default with little prospect for recovery Ca CC / D / DDD / In default