Credit Rating Scale: PDR Advisors

Fixed Income Investment Management
Based on Process and Discipline Behind the Process

Credit Rating Scale: Investment Grade

Definition Investment Grade	Moodys	S & P
US Treasuries	***	***
Prime, Maximum Safety	Aaa	AAA
High Grade Quality	Aa1	AA+
High Grade Quality	Aa2	AA
High Grade Quality	Aa3	AA-
Upper Medium Grade Quality	A1	A+
Upper Medium Grade Quality	A2	A
Upper Medium Grade Quality	A3	A-
Lower Medium Grade Quality	Baa1	BBB+
Lower Medium Grade Quality	Baa2	BBB
Lower Medium Grade Quality	Baa3	BBB-

Credit Rating Scale: Speculative Grade

Definition Investment Grade	Moodys	S & P
Speculative	Ba1	BB+
Speculative	Ba2	BB
Speculative	Ba3	BB-
Highly Speculative	B1	B+
Highly Speculative	B2	B
Highly Speculative	B3	B-
Substantial Risk	Caa1	CCC+
In Poor Standing	Caa2	CCC
In Poor Standing	Caa3	CCC-
Extremely Speculative	Ca	CC
May Default	C	C
Default		D