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WO/PBC/17/6
ANNEX II

MOODYS
Long-term
Short-term
Aaa
Aa1
Aa2
P-1
Aa3
A1
A2
A3
P-2
Baa1
Baa2
P-3
Baa3
Ba1
Ba2
Ba3
B1
B2
B3
Not prime
Caa1
Caa2
Caa3
Ca
C

STANDARD & POORS

Long-term
Short-term
AAA
AA+
A-1+
AA
AAA+
A-1
A
AA-2
BBB+
BBB
A-3
BBBBB+
BB
BBB
B+
B
BCCC+
CCC
C
CCCCC
C
D

]
[

FITCH
Long-term
Short-term
AAA
AA+
F1+
AA
AAA+
F1
A
AF2
BBB+
BBB
F3
BBBBB+
BB
BBB
B+
B
B-

Prime
High grade

Upper medium grade

Lower medium grade

Non-investment grade
speculative

Highly speculative
Substantial risks
Extremely speculative

CCC

DDD

In default with little

prospect for recovery
In default