Sovereign Credit Ratings Comparator Table - Implication
| nt_header_1 | nt_header_2 | nt_header_3 | nt_header_4 |
|---|---|---|---|
| KEY | |||
| Definition | S&P | Moody's | Fitch |
| Highest credit quality, minimal risk | AAA | Aaa | AAA |
| Very high credit quality, slightly higher risk | AA+ | Aa1 | AA+ |
| Very high credit quality, moderate risk | AA | Aa2 | AA |
| Very high credit quality, slightly lower risk | AA- | Aa3 | AA- |
| High credit quality, low risk | A+ | A1 | A+ |
| High credit quality, moderate risk | A | A2 | A |
| High credit quality, slightly higher risk | A- | A3 | A- |
| Good credit quality, low risk | BBB+ | Baa1 | BBB+ |
| Good credit quality, moderate risk | BBB | Baa2 | BBB |
| Good credit quality, slightly higher risk | BBB- | Baa3 | BBB- |
| Speculative credit quality, low risk | BB+ | Ba1 | BB+ |
| Speculative credit quality, moderate risk | BB | Ba2 | BB |
| Speculative credit quality, slightly higher risk | BB- | Ba3 | BB- |
| Highly speculative, low risk | B+ | B1 | B+ |
| Highly speculative, moderate risk | B | B2 | B |
| Highly speculative, slightly higher risk | B- | B3 | B- |
| Very high credit risk, speculative grade | CCC+ | Caa1 | CCC+ |
| Very high credit risk, speculative grade | CCC | Caa2 | CCC |
| Very high credit risk, speculative grade | CCC- | Caa3 | CCC- |
| Extremely high credit risk, very speculative | CC | Ca | CC |
| Default imminent, high credit risk | C | C | C |
| Default, no expectation of recovery | D | D | D |