Credit Rating Scales

Investment Grade

Moody's
S&P
Fitch
NAIC*
Aaa
AAA
AAA
1
Aa1
AA+
AA+
1
Aa2
AA
AA
1
Aa3
AA-
AA-
1
A1
A+
A+
1
A2
A
A
1
A3
A-
A-
1
Baa1
BBB+
BBB+
2
Baa2
BBB
BBB
2
Baa3
BBB-
BBB-
2

Below Investment Grade

Moody's
S&P
Fitch
NAIC*
Ba1
BB+
BB+
3
Ba2
BB
BB
3
Ba3
BB-
BB-
3
B1
B+
B+
3
B2
B
B
3
B3
B-
B-
3

*National Association of Insurance Commissioners

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