| AAA |
An obligor rated 'AAA' has unquestionable
capacity to redeem its financial obligations, and holds extremely low investment risks. |
| AA |
An obligor rated 'AA' has strong capacity to
redeem its financial obligations, although its solvency is relatively weaker than the obligors in the AAA category. |
| A |
An obligor rated 'A' has satisfactory
capacity to redeem its financial obligations, although it is somewhat more susceptible to the adverse effects of changes in its business and economic environments than the obligors in the AA rating categories. |
| BBB |
An obligor rated 'BBB' has moderate capacity
to redeem its financial obligations, although its capacity is more likely to be weakened by the adverse effects of changes in its business and economic environments than the obligors in the A category. |
| BB |
An obligor rated 'BB' currently has the
capacity to redeem its financial obligations. However, the obligor's redemption stability contains speculative characteristics that cannot be guaranteed in the long-term. |
| B |
An obligor rated 'B' is speculative in
meeting its financial commitments. Adverse circumstantial changes are likely to impair the obligor's capacity to pay the interests. |
| CCC |
An obligor rated 'CCC' is highly speculative
in meeting its financial commitments. |
| CC |
An obligor rated 'CC' is more speculative
than the obligors in the CCC category. |
| C |
An obligor rated 'C' has a high default risk
and no capacity for redemption. |
| D |
An obligor rated 'D' is in default. |