Category

Definition

AAA

A ‘AAA’ rating indicates the strongest capacity for timely repayment.

AA

A ‘AA’ rating indicates very strong capacity for timely repayment. This capacity may, nevertheless, be slightly inferior than is the case for the highest rating category.

A

An ‘A’ rating indicates strong capacity for timely repayment. This capacity may, nevertheless, be more vulnerable to adverse changes in circumstances or in economic conditions than is the case for higher rating categories.

BBB

A ‘BBB’ rating indicates that the capacity for timely repayment is adequate, but adverse changes in circumstances and in economic conditions are more likely to impair this capacity.

BB

A ‘BB’ rating indicates that the capacity for timely repayment is currently adequate, but that there are some speculative characteristics that make the repayment uncertain over time.

B

A ‘B’ rating indicates lack of adequate capacity for repayment and speculative characteristics. Interest payment in times of unfavorable economic conditions is uncertain.

CCC

A ‘CCC’ rating indicates lack of capacity for even current repayment and high risk of default

CC

A ‘CC’ rating indicates higher uncertainties than higher ratings.

C

A ‘C’ rating indicates high credit risk and lack of capacity for timely repayment.

D

A ‘D’ rating indicates insolvency.