FAQ 8.01
Equivalent Ratings
The long-term credit ratings of Moody’s, S&P Global Ratings and Fitch Ratings, side by side. Equivalent Ratings are not derived, or influenced in any way, by Credebt® Exchange. Where an organisation is rated by more than one agency, Credebt® Exchange uses the highest Equivalent Rating.
| Moody’s | S&P | Fitch | What it means | Grade | Credebt® Exchange short | Credebt® Exchange long |
|---|---|---|---|---|---|---|
| Aaa | AAA | AAA | Highest quality, lowest credit risk | Investment Grade [IG] | D-1 | X3A |
| Aa1 | AA+ | AA+ | Very high quality | Investment Grade [IG] | D-1 | X2A |
| Aa2 | AA | AA | Very high quality | Investment Grade [IG] | D-1 | X2A |
| Aa3 | AA- | AA- | Very high quality | Investment Grade [IG] | D-1 | X2A |
| A1 | A+ | A+ | High quality | Investment Grade [IG] | D-1 | X1A |
| A2 | A | A | High quality | Investment Grade [IG] | D-1 | X1A |
| A3 | A- | A- | High quality | Investment Grade [IG] | D-2 | X1A |
| Baa1 | BBB+ | BBB+ | Good quality | Investment Grade [IG] | D-2 | X3B |
| Baa2 | BBB | BBB | Good quality | Investment Grade [IG] | D-3 | X3B |
| Baa3 | BBB- | BBB- | Lowest investment grade | Investment Grade [IG] | D-3 | X3B |
| Ba1 | BB+ | BB+ | Speculative | Non-investment grade | D | X2B |
| Ba2 | BB | BB | Speculative | Non-investment grade | D | X2B |
| Ba3 | BB- | BB- | Speculative | Non-investment grade | D | X2B |
| B1 | B+ | B+ | Highly speculative | Non-investment grade | D | X1B |
| B2 | B | B | Highly speculative | Non-investment grade | D | X1B |
| B3 | B- | B- | Highly speculative | Non-investment grade | D | X1B |
| Caa1 | CCC+ | CCC+ | Substantial credit risk | Non-investment grade | D | X |
| Caa2 | CCC | CCC | Substantial credit risk | Non-investment grade | D | X |
| Caa3 | CCC- | CCC- | Substantial credit risk | Non-investment grade | D | X |
| Ca | CC | CC | Very high credit risk, near default | Non-investment grade | D | X |
| C | C | C | Default imminent or lowest rated | Non-investment grade | D | X |
| - | D | RD / D | In default | Non-investment grade | D | X |
Two grades exist only on the Exchange: Credit Insured ETR (Q-1 / X1Q), ranked between High Investment Grade [IG] and Upper Medium Investment Grade [IG]; ETR Off-Set (E-1 / X1E), ranked between Investment Grade [IG] and Non-investment grade.
The table as published on the original site
Example: a sovereign government rated BBB+ (S&P), BBB+ (Fitch) and Ba1 (Moody’s) is D-2 / X3B; a rated organisation at BBB-, BB+ and Baa3 is D-3 / X3B.
Investment Grade [IG] is a rating of BBB- (Baa3 at Moody’s) or higher (FAQ 2.01). Ratings are the agencies’ long-term issuer ratings; check the agencies’ own websites for any organisation’s current rating. See also the Ratings policy and the FAQ.