Rating Definitions
| RATING | RATING DEFINITION |
|---|---|
| AAA | Industry is operating in an extremely stable political environment with sound macro-economic policies. The industry is immune to adverse changes in the economic environment. |
| AA | Industry is operating in a stable political environment with sound macro-economic policies. Adverse changes in the economic environment will have little impact on the performance of the Industry. |
| A | Industry is operating in a fairly stable political environment and adverse changes in the economic environment will only increase industry risk slightly. |
| BBB | Although industry is operating in a moderate to high-risk environment, economic fundamentals are still strong. Adverse changes in economic conditions will increase industry risk moderately. |
| BB | Industry is operating in a moderate to high-risk environment and economic fundamentals are weak. Adverse changes in economic conditions will increase industry risk severely. |
| B | Industry operates in a high-risk environment, economic fundamentals are weak, and industry risk is very high. |
| CCC | Industry operates in a very high-risk environment, economic fundamentals are weak, and industry risk is very high. |
| CC | Industry operates in an extremely risky environment, economic fundamentals are weak, and industry risk is extremely high.. |
| C | Total failure of industry. |
