Rating Agencies and Services

Credit-rating agencies publish opinions about the relative credit risk of issuers and financial obligations. Their symbols give markets a common reference point, but a rating is not a guarantee, a market-price forecast, or a recommendation.

Start With the Rating, Not the Brand

Bond Rating explains issuer versus issue ratings, grade boundaries, split ratings, and status terms. Use it before comparing agency symbols.

Then consult the agency-specific guide:

• Moody’s Ratings uses categories such as Aaa, Baa3, and Ba1, with numerical modifiers in many categories.
• S&P Global Ratings uses symbols such as AAA, BBB-, and BB+ and should not be confused with the separate S&P index business.
• Fitch Ratings uses a broadly similar letter and plus-minus scale but applies its own definitions and criteria.

What to Record

• Legal issuer and exact obligation.
• Issuer rating or issue rating.
• Agency, scale, full symbol, and modifier.
• Announcement and effective dates.
• Outlook, watch or review status, withdrawal, and recent action.
• Solicited or unsolicited status where disclosed.
• The methodology used to combine split ratings.

What Ratings Do Not Answer

A credit rating does not directly measure duration, interest-rate sensitivity, liquidity, market price, call risk, currency exposure, tax treatment, or suitability. Pair it with financial statements, offering documents, covenants, spreads, capital-structure analysis, and recovery scenarios.

In the United States, the SEC Office of Credit Ratings oversees agencies registered as nationally recognized statistical rating organizations. Registration does not turn an agency opinion into a government guarantee.

This section is educational only and does not assign or endorse a credit rating.

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