Moody's credit rating

Investment
 Prime
High grade
Upper medium grade
Lower medium grade
Non-investment
 Speculative
Highly speculative
Substantial risks
Extremely speculative
Imminent default
Defaulted
Data as of November 27, 2020

Source: Moody’s
Investment
 Prime
High grade
Upper medium grade
Lower medium grade
Non-investment
 Speculative
Highly speculative
Substantial risks
Extremely speculative
Imminent default
Defaulted

Investment-grade

Prime

Aaa

  • Denmark
  • European Union
  • Germany
  • Luxemburg
  • Netherlands
  • Norway
  • Sweden
  • Switzerland

High-grade

Aa1
  • Austria
  • Finland

Aa2
  • France
Aa3
  • Belgium
  • Czechia
  • Isle of Man
  • United Kingdom

Upper medium grade

A1
  • Estonia
A2
  • Iceland
  • Ireland
  • Malta
  • Poland
  • Slovakia
A3
  • Latvia
  • Lithuania
  • Slovenia

Lower medium grade

Baa1
  • Bulgaria
  • Spain
Baa2

-

Baa3
  • Hungary
  • Italy
  • Kazakhstan
  • Portugal
  • Romania
  • Russia

Non-investment grade, junk bonds

Speculative

Ba1
  • Croatia
Ba2
  • Azerbaijan
  • Cyprus
  • Georgia
Ba3
  • Armenia
  • Greece
  • Serbia

Highly speculative

B1
  • Albania
  • Monenegro
B2
  • Turkey
B3
  • Belarus
  • Bosnia and Herzegovina
  • Moldova

Substanial risks

Caa1

-

Extremely speculative

Caa2

-

Default imminent with little prospect for recovery

Caa3

-

Ca

-

Defaulted

C

-

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-