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         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