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Standard & Poors
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Moody's
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Interpretation
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AAA
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Aaa
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Extremely strong capacity to meet financial commitments.
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AA
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Aa2
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Very strong capacity to meet financial commitments.
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A
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A2
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Strong capacity to meet financial commitments, but susceptible to adverse conditions
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BBB
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Baa2
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Adequate capacity to meet financial commitments, but more subject to adverse economic conditions.
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BB
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Ba2
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Less vulnerable in the near-term but faces major ongoing uncertainties in the event of adverse business, financial and economic conditions.
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B
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B2
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More vulnerable to adverse business, financial and economic conditions but currently has the capacity to meet financial commitments.
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CCC
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Caa2
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Currently vulnerable and dependent on favorable business, financial and economic conditions to meet financial commitments.
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CC
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Currently highly vulnerable.
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C-
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A bankruptcy petition has been filed or similar action taken but payments or financial commitments are continued
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S&P: Investment grade: AAA, AA+, AA, AA-, A+, A, A-, BBB+, BBB, BBB-
Speculative grade: BB+, BB, BB-, B+, B, B-, CCC+, CCC, CCC-, CC, D
Moody's: Investment grade: Aaa, Aa1, Aa2, Aa3, A1, A2, A3, Baa1, Baa2, Baa3
Speculative grade: Ba1, Ba2, Ba3, B1, B2, B3, Caa1, Caa2, Caa3, Ca, C
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