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Financial Institutions

Long-term rating symbols and definitions

There are 20 rating levels related to financial institutions, as follows: AAA, AA, A, BBB, BB, B, CCC, CC, C and D. The AA, A, BBB, BB and B rating categories are divided into three sub-categories for each, using the '+' and '-' suffixes for the top and bottom sub-category, respectively.

The rating definitions are the following:

AAA Ratings at the AAA level reflect an opinion of exceptionally strong credit quality with the lowest risk of a default-like event.
AA Ratings at the AA level reflect an opinion of very strong credit quality with an extremely low risk of a default-like event.
A Ratings at the A level reflect an opinion of strong credit quality with a very low risk of a default-like event.
BBB Ratings at the BBB level reflect an opinion of good credit quality with a low risk of a default-like event.
BB Ratings at the BB level reflect an opinion of moderate-to-modest credit quality with a moderate risk of a default-like event.
B Ratings at the B level reflect an opinion of weak credit quality with a material risk of a default-like event.
CCC Ratings at the CCC level reflect an opinion of very weak credit quality with a significant risk of a default-like event.
CC Ratings at the CC level reflect an opinion of very weak credit quality with a very significant risk of a default-like event.
C Ratings at the C level reflect an opinion of extremely weak credit quality with a highly significant risk of a default-like event.
D Ratings at the D level refer to credit default-like events.

Short-term rating symbols and definitions

S-1+ Ratings at the S-1+ level reflect an opinion of the lowest credit risk with the highest capacity to repay short-term obligations.
S-1 Ratings at the S-1 level reflect an opinion of very low credit risk with high capacity to repay short-term obligations.
S-2 Ratings at the S-2 level reflect an opinion of low credit risk with good capacity to repay short-term obligations.
S-3 Ratings at the S-3 level reflect an opinion of acceptable credit risk with fair capacity to repay short-term obligations.
S-4 Ratings at the S-4 level reflect an opinion of moderate-to-high credit risk with modest capacity to repay short-term obligations.