AAA The obligor's capacity to meet its financial commitment on the obligation is extremely strong.
AA This rating differs from AAA only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.
A The obligation is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than higher rated obligations.
BBB The obligation exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to meet financial commitments under the obligation.
Ratings BB or less are regarded as having significant speculative characteristics.