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	You are here: Home > Investment Definitions > Ratings > Standard & Poor's Ratings: Standard & Poor's The following is a short description of the ratings available to bond issuers by the 2 major rating agencies (Standard and Poor's and Moody's): Standard & Poor's has the following ratings: Bonds of BBB or greater are referred to as 'Investment Grade'. Additionally, Standard & Poor's will use either a + sign or a - sign to indicate relative strength inside the category. For instance, AAA+ indicates that this bond is at the high end of the AAA category. AAA Bonds of the highest quality. AA High quality debt obligations. A Bonds that have a strong capacity to pay interest and principal but may be susceptible to adverse effects. BBB Bonds that have an adequate capacity to pay interest and principal but are more vulnerable to adverse economic conditions or changing circumstances. BB Bonds of lower medium grade with few desirable investment characteristics. B Primarily speculative bonds with great uncertainties and major risk if exposed to adverse conditions. CCC Bonds in poor standing that may be defaulted. CC Income bonds on which no interest is being paid. C Bonds in default. The table below compares the long term credit ratings of the 4 leading rating agencies. Moody's S&P Fitch DCR Aaa AAA AAA AAA Aa1 AA+ AA+ AA+ Aa2 AA AA AA Aa3 AA- AA- AA- A1 A+ A+ A+ A2 A A A A3 A- A- A- Baa1 BBB+ BBB+ BBB+ Baa2 BBB BBB BBB Baa3 BBB- BBB- BBB- Ba1 BB+ BB+ BB+ Ba2 BB BB BB Ba3 BB- BB- BB- B1 B+ B+ B+ B2 B B B B3 B- B- B- Caa CCC+ CCC CCC   CCC       CCC-     Ca       C           DDD       DD DD   D D         DP ©2004 Safra National Bank of New York. All rights reserved. Member FDIC.  Equal housing lender. Please read our disclaimer.