A1 Capacity for timely payment is the strongest and hardly likely to be adversely affected by foreseeable events. A2 Capacity for timely payment is strong, but not as great as A1 ratings in terms of the margin of safety. A3 Capacity for timely payment is adequate but, likely to be impaired by drastic changes in circumstances and economic conditions B Capacity for timely payment is doubtful and speculative as more likely to be impaired by adverse changes in circumstances and economic conditions. C Capacity for timely payment and its safety is very vulnerable to near-term adverse changes in financial and economic conditions and very speculative. D In default as of present time. AAA Capacity for timely payment is extremely strong. AA Capacity for timely payment is very strong, but somewhat less than ‘AAA’ A Capacity for timely payment is strong, but somewhat susceptible to external changes in the future. BBB Capacity for timely payment is adequate, but more likely to be weakened by future market changes BB Capacity for timely payment faces no immediate problems, but speculative in its future stability B Capacity for timely payment is poor and speculative. CCC Contain the possibility of default CC Contain more possibility of default C Highly likely default D In default at the present time