| Credit Risk | Moody's | Standard & Poor's |
|---|---|---|
| Investment Grade | ||
| Highest Quality | Aaa | AAA |
| High Quality (very strong) | Aa | AA |
| Upper Medium Grade | A | A |
| Medium Grade | Baa | BBB |
| Non-Investment Grade | ||
| Somewhat Speculative | Ba | BB |
| Highly Speculative | Caa | CCC |
| Most Speculative | Ca | CC |
| Imminent Default | C | C |
| Default | C | D |