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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

BB-

Ba3

BB-

9

5

B+

B1

B+

8

4

High credit risk

S
__________________ ⅛

B

B2

B

7

3

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

1

Sd

C

ddd

Default

D

dd

1

d

33



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