COMMERZBANK AKTIENGESELLSCHAFT

Moody's S&P Fitch
Rating Symbol (Long-term Rating) Definition
Aaa AAA AAA
Aa1 AA+ AA+
Aa2 AA AA
Aa3 AA- AA-
A1 A+ A+
A2 A A
A3 A- A-
Baa1 BBB+ BBB+
Baa2 BBB BBB
Baa3 BBB- BBB-
Ba1 BB+ BB+
Ba2 BB BB
Ba3 BB- BB-
B1 B+ B+
B2 B B
B3 B- B-
Caa
CCC+ CCC+
CCC CCC
CCC- CCC-
Ca CC CC
C C C
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D
58
DDD
DD
D
Exceptional
Highest quality of obligations, i.e.
exceptional certainty with respect
to payments of principal and
interest
Excellent
High quality, i.e. very good to
good certainty with respect to
payments of principal and interest
Good
Good to adequate coverage of
principal and interest, many
favourable investment
characteristics, but also elements
which may have adverse effects
in case of changes in economic
conditions
Adequate quality, adverse
economic conditions or changes
may weaken the capacity of the
obligor to meet its financial
commitment
Speculative
Speculative element, but
economic parameters still good,
moderate coverage of payments
of principal and interest under
unfavourable economic conditions
Very speculative, low protection of
long-term payments of principal
and interest
Highly speculative
Lowest quality, currently
vulnerable and lowest investor
protection, first signs of payment
default
Highly
obvious
speculative, default
Lowest Moody's rating, in
payment default
Default
Payment default or bankruptcy
Investment Grade
Speculative Grade