Corporate Issuer Rating

Long Term Rating

Rating Modifier Description
AAA AAA Issuer with excellent credit quality. Risk of default is the lowest
AA AA+ Issuer with very good credit quality. Risk of default is very low
AA
AA-
A A+ Issuer with good credit quality. Risk of default is low
A
A-
BBB BBB+ Issuer with satisfactory credit quality. Risk of default is moderate
BBB
BBB-
BB BB+

Issuer whose credit quality is exposed to adverse business or economic conditions and with speculative characteristics. Risk of default is medium

BB
BB-
B B+ Issuer whose credit quality is vulnerable to adverse business or economic conditions and with highly speculative characteristics. Risk of default is high
B
B-
CCC CCC Issuer with business and/or financial profile compromised, highly vulnerable to adverse economic conditions and with extremly speculative characteristics. Risk of default is very high
CC CC Risk of default is realistic, including a grace period situation on unpaid obligations representing less than 20% of total issuer debt
C C Risk of default is imminent, including a grace period situation on unpaid obligations representing or potentially affecting more than 20% of total issuer debt
D D1S

Issuer with one or more unpaid financial obligations

D Issuer subject to an ongoing proceeding according to European insolvency regulation

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