Investment Grade

AAA

AAA

Principle amount payment ability is the best

AA

Principle amount payment ability is very outstanding but inferior to AAA to some extent

A

Principle amount payment ability is outstanding but somewhat more susceptible to external changes than in superior grades

BBB

Principle amount payment ability is satisfactory but a potential drop of efficiency exists in future principle amount payment ability depending on economic circumstances and aggravation of surrounding situations

Speculative Grade

BB

No current problem exists regarding principle amount payment, but potential speculative factors exist regarding future stability of repayment ability

B

Speculative outlook due to lack of principle amount payment ability and interest payment is uncertain in case of economic slump

CCC

CCC

Insecure state regarding principle amount payment and very speculative outlook due to possibility of unfulfillment of obligatory debt

CC

CC

More insecure compared to superior grades

C

C

High possibility of unfulfillment of obligatory debt repayment and no ability of principle amount payment

D

D

Under situation of unfulfillment of obligatory debt repayment

Investment Grade

A1

A1

The ability of repayment on proper time is the best and stability of repayment ability is the best

A2

The ability of repayment on proper time is outstanding, but stability is inferior to A1 to some extent

A3

The ability of repayment on proper time is satisfactory, but stability is inferior to A2 to some extent

Speculative Grade

B

The ability of repayment on proper time is proper, but potential speculative factors exist in the stability depending on short-term changes in circumstances

C

C

Various speculative factors exist in the ability of repayment on proper time and stability of repayment ability

D

D

Under situation of unfulfillment of obligatory debt repayment