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Very poor credit quality, extremely high default risk. Loans and bonds usually have prohibitive interest rates, if offered at all.

Marginal credit quality. Considered speculative and at risk during economic downturns. Interest rates are higher, reflecting increased risk to lenders.

Bonds rated BBB- or above by S&P and Fitch, or Baa3 or above by Moody’s. Represent low to moderate risk and are favored by conservative investors.

Poor credit quality. A high risk of default; only borrowers willing to pay very high-interest rates can secure credit.

Highest credit quality, minimal risk of default. Borrowers can obtain loans at the lowest interest rates and have an easy time issuing bonds.

High credit quality with a bit more risk than AA. Borrowers are in a strong position but interest rates may be slightly higher.

Very high credit quality, slightly higher risk than AAA. Borrowers still enjoy low-interest rates with very strong capacity to meet financial commitments.

Good credit quality. It's the lowest investment-grade rating where borrowers face moderate risk and interest rates are higher than A-rated borrowers.

Speculative credit quality. High risk of default with borrowers facing high-interest rates and often reflecting financial difficulties.

Lowest credit quality with imminent default risk, or already in default but still operating. Borrowers find it nearly impossible to secure loans.

Default rating indicates the borrower has failed to meet financial obligations. Lenders generally do not offer credit to these borrowers.