Standard &
Poor's Ratings
| Municipal Bond Ratings |
Corporate Bond Ratings |
AAA
AAA*
AA+
AA
AA-
A+
A
A- |
AAA
AA+
AA
AA-
A+
A
A- |
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B- |
BBB+
BBB
BBB-
BB+
BB
BB-
B+
|
CCC+
CCC
CCC-
CC
C
D |
CCC+
CCC
CCC-
CC
|
A-1+
A-1
A-2
A-3
(Short-term ratings) |
A-1+
A-1
A-2
A-3
B
C
D
(Short-term ratings) |
SP-1+
SP-1
SP-2
SP-3
(Note ratings) |
N/R (Not rated)
U/R (Under review) |
N/R (Not rated)
U/R (Under review) |
|
Rating modifiers
Some letter ratings are further qualified by the addition of the symbols or letters below:
L Limited rating—Rating pertains to the
principal amount of those bonds to the extent that the underlying deposit collateral is
federally insured and interest is adequately collateralized.
PR Provisional rating—Assumes the successful
completion of the project being financed by the debt being rated and indicates that
payment or debt service requirements are largely or entirely dependent upon the successful
and timely completion of the project. Upon receipt of the escrow agreement, a rating of
AAA will be assigned.
*Continuance of rating is
consistent with Standard & Poor's receipt of an executed copy of the escrow agreement
of closing documentation confirming investments and cash flow. |