Ratings
Rating Symbol
Published rating scale and definition used for long-term, short-term and SME rating opinions.
Corporate Rating Scale and Definition
Rating symbols communicate relative credit risk and should be read together with the applicable rating report, outlook and methodology.
Long Term Rating Scale and Definition
| Rating Notches | Definition |
|---|---|
| AAA | Strongest credit quality |
| AA+ | Below strongest credit quality |
| AA | Very strong credit quality |
| AA- | Below very strong credit quality |
| A+ | Very good credit quality |
| A | Above average credit quality |
| A- | Moderately good credit quality |
| BBB+ | Moderate credit quality |
| BBB | Average credit quality |
| BBB- | Below average credit quality |
| BB+ | Moderately below average credit quality |
| BB | Slightly below average credit quality |
| BB- | Less than average credit quality |
| B+ | Significantly below average credit quality |
| B | Weak credit quality |
| B- | Very weak credit quality |
| C | Poor credit quality |
| D | Default (Failed to meet their rated financial commitment on time or when due) |
Short Term Rating Scale and Definitions
| Rating Notches | Definition |
|---|---|
| ST 1 | Strongest ability to meet short term financial commitments |
| ST 2 | Above average ability to meet short term financial commitments |
| ST 3 | Average ability to meet short term financial commitments |
| ST 4 | Below average ability to meet short term financial commitments |
| ST 5 | Well below average ability |
| ST 6 | Default (Failed to meet their short-term financial commitments) |
SME Rating Scale and Definition
| Rating Notches | Definition |
|---|---|
| WCRSME1 | Strongest credit quality |
| WCRSME2 | Very strong credit quality |
| WCRSME3 | Above average credit quality |
| WCRSME4 | Average credit quality |
| WCRSME5 | Slightly below average credit quality |
| WCRSME6 | Weak credit quality |
| WCRSME7 | Poor credit quality |
| WCRSME8 | Default (Failed to meet their rated financial commitment on time or when due) |