glossary | Credit Score
Credit Score
The Credit Score is our curated opinion of the investment risk based upon our market rating, liquidity rating and factors such as institutional bond ownership.
| Rating | Investment Grade Level |
Rating Description |
Fitch Ratings | Standard & Poor’s | Moody’s | |||
|---|---|---|---|---|---|---|---|---|
| Long-Term | Short-Term | Long-Term | Short-Term | Long-Term | Short-Term | |||
| 10 | Investment Grade | Prime | AAA | F1+ | AAA | A-1+ | Aaa | P-1 |
| 9 | Investment Grade | High Grade | AA+ | AA+ | Aa1 | |||
| AA | AA | Aa2 | ||||||
| AA- | AA- | Aa3 | ||||||
| 8 | Investment Grade | Upper Medium Grade | A+ | F1 | A+ | A-1 | A1 | |
| A | A | A2 | ||||||
| A- | F2 | A- | A-2 | A3 | P-2 | |||
| 7 | Investment Grade | Lower Medium Grade | BBB+ | BBB+ | Baa1 | |||
| BBB | F3 | BBB | Baa2 | P-3 | ||||
| BBB- | BBB- | A-3 | Baa3 | |||||
| 6 | Investment Grade | Non-investment Grade Speculative | BB+ | B | BB+ | B | Ba1 | B |
| BB | BB | Ba2 | ||||||
| BB- | BB- | Ba3 | ||||||
| 5 | Non-investment Grade | Highly Speculative | B+ | B+ | B1 | |||
| B | B | B2 | ||||||
| B- | B- | B3 | ||||||
| 4 | Speculative | Substantial Risks | CCC+ | C | CCC+ | C | Caa1 | |
| CCC | CCC | Caa2 | ||||||
| CCC- | CCC- | Caa3 | ||||||
| 3 | Speculative | Extremely Speculative | CC | CC | Ca | |||
| 2 | Highly Speculative | Default Imminent | C | C | ||||
| 1 | Highly Speculative | In Default | RD | D | RD | D | C | |
| D | SD | / | ||||||
| / | / | / | ||||||
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Market Rating
Bonds rated from five stars (best) to none. Bonds with lower spreads (less risk) are given more stars than bonds with higher spreads (more risk). Ratings are calculated frequently to ensure they reflect the most current market factors.
Liquidity Rating
Bonds rated from five to none. Computed daily as a ratio based on the number of trades in a given bond compared to the average number of trades of all the bonds in a similar class. The higher the ratio, the more frequently the bond is traded relative to similar bonds.
Fitch Ratings
The Primary Credit Rating Scales (those featuring the symbols 'AAA'–'D' ) are used for debt and financial strength ratings.
Moody’s Ratings
Municipal ratings incorporate Moodyʼs assessment of the default probability and loss severity of these issuers and issues.
Standard & Poor’s Ratings
Curious as to what a ʻAAAʼ or ʻBBʼ rating on a bond actually means? View detailed descriptions of what constitutes each of S&P's ratings here.