A1 An obligor rated ‘A1’ has extremely strong capacity to timely meet its financial commitments. A2 An obligor rated ‘A2’ has strong capacity to meet its financial commitments, although its redemption stability is somewhat weaker than that of the obligors in the A1 category. A3 An obligor rated ‘A3’ has adequate capacity to meet its financial commitments, although its redemption stability is weaker than that of the obligors in the upper rating categories. B An obligor rated ‘B’ currently has the capacity to timely meet its financial commitments. However, it’s redemption stability contains speculative characteristics that it is susceptible to short-term changes in its business and economic environments. C An obligor rated ‘C’ is speculative to a high degree. D An obligor rated ‘C’ is in default. 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 obligation, 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, its redemption stability contains speculative characteristics that it cannot be guaranteed in the long-term. B An obligor rated ‘B’ 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 in meeting its financial commitments. C An obligor rated ‘C’ has high default risk and no capacity for redemption. D An obligor rated ‘D’ is in default.