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Tables and figures

Table 1 - S&P, Moody’s and Fitch rating systems and linear transformations

Characterization of debt and		Rating		Linear
issuer (source: Moody’s)				transformations
	S&P	Moody’s	Fitch	Scale 21	Scale 17
Highest quality	AAA ~	Aaa	AAA	21	17
	AA+	Aa1	AA+	20	16
High quality ^o __________________________________________________________________________ eɪjɔ	AA	Aa2	AA	19	15
	AA-	Aa3	AA-	18	14
^8 ω Strong payment capacity ∞ ω ≥	A+	A1	A+	17	13
	A	A2	A	16	12
	A-	A3	A-	15	11
-------------------------- я	BBB+	Baa1	BBB+	14	10
Adequate payment capacity	BBB	Baa2	BBB	13	9
	BBB-	Baa3	BBB-	12	8
	BB+	Ba1	BB+	11	7
Likely to fulfil obligations, ongoing uncertainty	BB	Ba2	BB	10	6
Likely to fulfil obligations, ongoing uncertainty	BB-	Ba3	BB-	9	5
	B+	B1	B+	8	4
High credit risk S __________________ ⅛	B	B2	B	7	3
High credit risk S __________________ ⅛	B-	B3	B-	6	2
O .≥ Very high credit risk 3 O _______________________________________________ о _l	CCC+	Caa 1	CCC+	5
	CCC	Caa2	CCC	4
	CCC-	Caa3	CCC-	3
Near default with possibility	CC	Ca	CC	2
of recovery			C	2	1
	Sd	C	ddd
Default	D		dd	1
			d

33

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