Highest Quality
(P)Aaa
Aaa
High Quality
Aa1
(P)Aa1
(P)Aa2
Aa2
Aa3
(P)Aa3
Upper-Medium Quality
(P)A1
A1
A2
(P)A2
(P)A3
A3
Medium-Grade Quality
Baa1
(P)Baa1
(P)Baa2
Baa2
Baa3
(P)Baa3
Substantial Risk
(P)Ba1
Ba1
Ba2
(P)Ba2
(P)Ba3
Ba3
High Risk
B1
(P)B1
(P)B2
B2
B3
(P)B3
Very High Risk
(P)Caa1
Caa1
Caa2
(P)Caa2
(P)Caa3
Caa3
Highly Speculative
(P)Ca
Ca
Issuer Ratings is Moody’s only. A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.