An issuer or issue rated in this category displays an excellent capacity to honour its financial commitments.
An issuer or issue rated in this category maintains an excellent capacity to honour its financial commitments even under adverse changes in the economic environment.
An issuer or issue rated in this category displays a high capacity to honour its financial commitments. However, this rating may deteriorate under adverse changes in the economic environment more so than the higher rated categories.
An issuer or issue rated in this category displays a more than adequate capacity to honour its financial commitments. However, this capacity is more likely to deteriorate under adverse changes in the economic environment than the higher rated categories.
This category is the first to incorporate speculative characteristics. An issuer or issue rated in this category displays an adequate capacity to honour its financial commitments. However, this capacity has weaknesses and it is likely to deteriorate under adverse changes in the economic environment.
An issuer or issue rated in this category may display the capacity to honour its financial commitments in the short-term however, adverse economic, financial or business conditions will probably impair the issuer’s ability to meet its financial commitments.
An issuer or issue rated in this category currently is undergoing problems in honouring its financial commitments and therefore relies on favourable economic and financial conditions.
An issuer or issue rated in this category displays uncertainty in honouring its financial obligations with a high probability of missing some of its payments.
An issuer or issue rated in this category displays a high risk of interrupting payments.
An issuer or issue rated in this category is close to default.
The issuer or issue is in default, has payment delays, has been declared insolvent or is currently undergoing insolvency proceedings.
