Page 47 - Profmark Africa Overview 2024

Sovereign Credit Rating Symbols
Moody’s S&P Fitch Meaning
Aaa AAA AAA Prime
Aa1 AA+ AA+
Aa2 AA AA High Grade
Aa3 AA- AA-
Investment A1 A+ A+
Grade A2 A A Upper Medium Grade
A3 A- A-
Baa1 BBB+ BBB+
Baa2 BBB BBB Lower Medium Grade
Baa3 BBB- BBB-
Ba1 BB+ BB+
Non Investment Grade
Ba2 BB BB
Speculative
Ba3 BB- BB-
B1 B+ B+
B2 B B Highly Speculative
B3 B- B-
Caa1 CCC+ CCC+
Caa2 CCC CCC Substantial Risks
Caa3 CCC- CCC-
Junk
Ca CC CC+
Extremely speculative
C CC
In default with little
SD RD
prospect for recovery
C D D
DD In default
DDD
WR NR Not Rated
Source: http://www.weforum.org
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