債券評級的意義及對照表

Rating Description
Rating by Rating Organization
INVESTMENT GRADE
Highest credit quality with minimal risk of default. Extremely strong capacity to meet financial commitments.
AM Best aaa
DBRS AAA
Fitch AAA
Moody’s Aaa
S&P AAA
Superior to very high credit quality and very low risk of default. Very strong capacity to meet financial commitments.
AM Best aa
DBRS AA
Fitch AA
Moody’s Aa
S&P AA
High to upper-medium credit quality with some risk factors that could contribute to default. Bonds in this category are still considered to be in little danger of default risk.
AM Best a
DBRS A
Fitch A
Moody’s A
S&P A
Adequate to medium credit quality, with acceptable levels of risk. Could be susceptible to default risk in the long term, or there may be other adverse conditions present which reduce credit quality.
AM Best bbb
DBRS BBB
Fitch BBB
Moody’s Baa
S&P BBB
NON-INVESTMENT GRADE
Questionable to speculative financial security, with additional factors that may contribute to default, such as ability to meet debt obligations, especially during periods of economic recession.
AM Best bb
DBRS BB
Fitch BB
Moody’s Ba
S&P BB
Speculative to highly speculative financial security, with low expectation that issuer will meet debt obligations.
AM Best b
DBRS B
Fitch B
Moody’s B
S&P B
Very highly speculative with high risk of default.
AM Best ccc
DBRS CCC
Fitch CCC
Moody’s Ca
S&P CCC
Very highly speculative with danger of default, or default probable, or may have recently occurred.
AM Best cc
DBRS CC
Fitch CC
Moody’s Caa
S&P CC
Very highly speculative, often accompanied by bankruptcy petitions; default immanent or has recently occurred.
AM Best c
DBRS C
Fitch C+,C,C-
Moody’s C
S&P C+,C,C-
Default and/or in arrears. Issuer has not met scheduled payment of interest or principal or made clear it will miss such payments.
AM Best d
DBRS D
Fitch D
Moody’s N/A
S&P D

SOURCE: http://multiple-markets.com/5_agencies.htm

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