Statement of financial position
Global credit rating
Rating definitions of Moody’s and S&P
Moody’s has rating categories, from Aaa to C. and S&P has 10 rating categories, from AAA to D. Ratings from Aaa to Baa are considered investment-graded by Moody’s, and ratings from AAA to BBB are considered investment-graded by S&P. When rating agencies evaluate a credit rating, they also attach a “rating outlook” to each rating. “Positive” means that a rating may be raised, “Negative” means that a rating may be lowered, and “Stable” means that a rating is not likely to change.
Domestic credit rating
Bond rating definitions
There are 10 rating categories for bond ratings, from AAA to D. While obligors in rating categories AAA to BBB are considered investment-graded, having more than adequate abilities to meet their financial commitments in a timely fashion, those in rating categories BB to C are believed to contain speculative characteristics in terms of their redemption stability. Obligors in category D are in default.