| Highest Credit Quality | AAA AAA(EXP) AAApre |
| Very High Credit Quality | AA+ AA+(EXP) AA AA(EXP) AA- AA-(EXP) |
| High Credit Quality | A+ A+(EXP) A A(EXP) A- A-(EXP) |
| Good Credit Quality | BBB+ BBB+(EXP) BBB BBB(EXP) BBB- BBB-(EXP) |
| Speculative | BB+ BB+(EXP) BB BB(EXP) BB- BB-(EXP) |
| Highly Speculative | B+ B+(EXP) B B(EXP) B- B-(EXP) |
| High Default Risk | CCC+ CCC+(EXP) CCC CCC(EXP) CCC- CCC-(EXP) CC CC(EXP) C |
| Default | DDD DD D |
| 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 |
| Default | C (P)C |
| Extremely Strong | AAA AAApi AAAt |
| Very Strong | AA+ AA+pi AA+t AApi Aat AA AA- AA-pi AA-t |
| Strong | A+ A+pi A+t Api At A A- A-pi A-t |
| Adequate | BBB+ BBB+pi BBB+t BBB BBBpi BBBt BBB- BBB-pi BBB-t |
| Less Vulnerable | BB+ BB+pi BB+t BB BBpi BBt BB- BB-pi BB-t |
| More Vulnerable | B+ B+pi B+t B Bpi Bt B- B-pi B-t |
| Currently Vulnerable | CCC+ CCC+pi CCC+t CCCpi CCCt CCC CCC- CCC-pi CCC-t |
| Highly Vulnerable | CCpi CCt CC C+ C+pi C+t C Cpi Ct |
| Selective Default | SD SDpi SDt |
| Default | D+ D+pi D+t Dpi Dt D |
| Regulatory Supervision | R Rpi Rt |
| Exceptional | aaa |
| Very Strong | aa+ aa aa- |
| Strong | a+ a a- |
| Adequate | bbb+ bbb bbb- |
| Speculative | bb+ bb bb- |
| Very Speculative | b+ b b- |
| Extremely Speculative | ccc+ ccc ccc- cc c |
| Default | d |
| Highest | AAA |
| Superior | AA (high) AA AA (low) |
| Satisfactory | A (high) A A (low) |
| Adequate | BBB (high) BBB BBB (low) |
| Speculative | BB (high) BB BB (low) |
| Highly Speculative | B (high) B B (low) |
| Very Highly Speculative | CCC (high) CCC CCC (low) CC (high) CC CC (low) C (high) C C (low) |
| In Arrears | D |
| Exceptionally High Quality | F1+ F1+(EXP) |
| High Quality | F1 F1(EXP) |
| Good Quality | F2 F2(EXP) |
| Fair Quality | F3 F3(EXP) |
| Speculative | B B(EXP) |
| High Default Risk | C C(EXP) |
| Default | D D(EXP) |
| Superior | P-1 |
| Strong | P-2 |
| Acceptable | P-3 |
| Not Prime | NP (P)NP |
| Extremely Strong | A-1+ |
| Strong | A-1 |
| Satisfactory | A-2 |
| Adequate | A-3 |
| More Vulnerable | B B-1 B-2 B-3 |
| Highly Vulnerable | C |
| Selective Default | SD |
| Default | D |
| Regulatory Supervision | R |
| Strongest | AMB-1+ |
| Outstanding | AMB-1 |
| Satisfactory | AMB-2 |
| Adequate | AMB-3 |
| Speculative | AMB-4 |
| Highest | R-1 (high) R-1 (middle) R-1 (low) |
| Superior | R-2 (high) R-2 (middle) R-2 (low) |
| Speculative | R-4 |
| In Arrears | D |
| Exceptionally Strong | AAA AAAq |
| Very Strong | AA+ AA+q AAq AA AA- AA-q |
| Strong | A+ A+q Aq A A- A-q |
| Good | BBB+ BBB+q BBBq BBB BBB- BBB-q |
| Moderately Weak | BB+ BB+q BB BBq BB- BB-q |
| Weak | B+ B+q B Bq B- B-q |
| Very Weak | CCC+ CCC+q CCCq CCC CCC- CCC-q CCq CC Cq C |
| Distressed | DDD DDDq DDq DD Dq D |
| Exceptional Security | Aaa |
| Excellent Security | Aa1 Aa2 Aa3 |
| Good Security | A1 A2 A3 |
| Adequate Security | Baa1 Baa2 Baa3 |
| Questionable Security | Ba1 Ba2 Ba3 |
| Poor Security | B1 B2 B3 |
| Very Poor Security | Caa1 Caa2 Caa3 |
| Extremely Poor Security | Ca C |
| Extremely Strong | AAA AAApi |
| Very Strong | AA+ AA+pi AApi AA AA- AA-pi |
| Strong | A+ A+pi Api A A- A-pi |
| Good | BBB+ BBB+pi BBBpi BBB BBB- BBB-pi |
| Marginal | BB+ BB+pi BB BBpi BB- BB-pi |
| Weak | B+ B+pi B Bpi B- B-pi |
| Very Weak | CCC+ CCC+pi CCCpi CCC CCC- CCC-pi |
| Extremely Weak | CCpi CC |
| Regulatory Action | R |
| Superior | A++ A+ A++q A+q A++pd A+pd |
| Excellent | A A- Aq A-q Apd A-pd |
| Very Good | B++ B+ B++q B+q B++pd B+pd |
| Fair | B B- Bq B-q Bpd B-pd |
| Marginal | C++ C+ C++q C+q C++pd C+pd |
| Weak | C C- Cq C-q Cpd C-pd |
| Poor | D Dq Dpd |
| Under Regulatory Supervision | E Eq Epd |
| In Liquidation | F |
| Suspended | S |
| Superior | IC-1 AA (high) AA AA (low) |
| Satisfactory | IC-2 A (high) A A (low) |
| Adequate | IC-3 BBB (high) BBB BBB (low) |
| Speculative | IC-4 BB (high) BB BB (low) |
| Highly Speculative | IC-5 B (high) B B (low) |
| In Arrears | D |
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