Corporate Issue Rating

Long Term Rating

Rating Modifier Description
AAA AAA Debt instrument with the lowest risk of default
AA AA+ Debt instrument with very low risk of default
AA
AA-
A A+ Debt instrument with low risk of default
A
A-
BBB BBB+ Debt instrument with moderate risk of default
BBB
BBB-
BB BB+ Debt instrument with speculative characteristics, risk of default is medium
BB
BB-
B B+ Debt instrument with highly speculative characteristics, risk of default is high
B
B-
CCC CCC Debt instrument with extremely speculative characteristics, risk of default is very high
CC CC Debt instrument with a realistic risk of default
C C Debt instrument with imminent or inevitable default, or in standstill situation
D DS Debt instrument that has experienced a payment default on principal or interests

Short Term Rating

Rating Definition
IG-1 Issuer with very good ability to repay short term debt obligations/Debt instrument with minimal risk
IG-2 Issuer with good ability to repay short term debt obligations/Debt instrument with low risk 
SIG-1 Issuer with medium ability to repay short term debt obligations/Debt instrument with moderately speculative characteristics 
SIG-2 Issuer with weak ability to repay short term debt obligations/Debt instrument with speculative characteristics
SIG-3 Issuer with very weak ability to repay short term debt obligations/Debt instrument with very speculative characteristics
SIG-4 Issuer with vulnerable or inadequate ability to repay short term debt obligations/Debt instrument with extremely speculative characteristics

Recovery Rating

Rating Class Definition Recovery Rate Notching
RR1 Excellent prospects for recovery after default >= 91% +2
RR2 Very good prospects for recovery after default 76% - 90% +2
RR3 Good prospects for recovery after default 51% - 75% +1
RR4 Average prospects for recovery after default 26% - 50%  0
RR5 Modest prospects for recovery after default 11% - 25% -1
RR6 Marginal prospects for recovery after default 0% - 10% -2