Table C1 Classification of Government Credit Risk for Three Ratings
Category
Grade
Numerical Grade
Moody's S&P Fitch Moody's
S&P Fitch
Prime
1 Aaa
AAA AAA
1
1
1
High grade
c
c
2 Aa1
AA+ AA+
2
2
2
3 Aa2
AA
AA
3
3
3
4 Aa3
AA-
AA-
4
4
4
Upper medium
grade
c
5 A1
A+
A+
5
5
5
6 A2
A
A
6
6
6
7 A3
A-
A-
7
7
7
Lower medium
grade
c
8 Baa1
BBB+ BBB+
8
8
8
9 Baa2
BBB BBB
9
9
9
10 Baa3
BBB-
BBB-
10
10
10
Non-investment
speculative
c
11 Ba1
BB+ BB+
11
11
11
12 Ba2
BB
BB
12
12
12
13 Ba3
BB-
BB-
13
13
13
Highly speculative
c
c
14 B1
B+
B+
14
14
14
15 B2
B
B
15
15
15
16 B3
B-
B-
16
16
16
Substantial risks
c
c
17 Caa1
CCC+ CCC+
17
17
17
18 Caa2
CCC CCC
18
18
18
19 Caa3
CCC-
CCC-
19
19
19
Extremely
speculative
20 Ca
CC CC
20
20
20
21 Ca
CC C
20
20
21
In default with little
prospect of recovery
22 Ca
SD RD
22
22
22
In default
c
c
23 C
D
D
24
24
23
24 C
D
DD
24
24
24
25 C
D
DDD
24
24
25
Not rated
26 WR
NR NR
c c c
Notes: This original list of the grading was downloaded from Expansion (2016). The shaded parts in Categories
21 and 24 are filled by the author.
Sources: Table compiled from Expansion (2016).
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