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Annex 4: Definition of Credit Rating by the Main Agencies<br />

Moody’s S&P Fitch<br />

Long-term Short-term Long-term Short-term Long-term Short-term<br />

Aaa<br />

AAA<br />

AAA<br />

Prime<br />

Aa1 AA+ AA+<br />

A-1+<br />

Aa2 AA AA<br />

P-1<br />

Aa3 AA- AA-<br />

F1+<br />

High grade<br />

A1 A+<br />

A+<br />

A-1<br />

A2 A A<br />

F1<br />

Upper medium grade<br />

A3<br />

A-<br />

A-<br />

P-2<br />

A-2<br />

Baa1 BBB+ BBB+<br />

F2<br />

Baa2<br />

BBB<br />

BBB<br />

P-3<br />

A-3<br />

Baa3 BBB- BBB-<br />

F3<br />

Lower medium grade<br />

Ba1<br />

BB+<br />

BB+<br />

Ba2 BB BB<br />

Non-investment grade<br />

speculative<br />

Ba3 BB- BB-<br />

B<br />

B1 B+ B+<br />

B<br />

B2 B B<br />

Highly speculative<br />

B3 B- B-<br />

Caa1<br />

CCC+<br />

Substantial risks<br />

Not prime<br />

Caa2 CCC Extremely speculative<br />

Caa3<br />

CCC-<br />

C CCC C<br />

Ca<br />

CC<br />

C<br />

In default with little<br />

prospect for recovery<br />

C<br />

DDD<br />

/ D / DD<br />

/ In default<br />

/ D<br />

Mycle Schneider, Antony Froggatt et al. 219 World Nuclear Industry Status Report 2016

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