[NOT RATED (NR)]
Not rated means a bond or issuer lacks a public credit rating from the referenced rating agency or rating scale.
Fixed-income terms for downgrades, fallen angels, unrated securities, rated status, and weighted-average credit ratings.
Rating actions and unrated status terms describe changes, confirmations, or gaps in external credit opinions.
Use this branch when a downgrade, fallen-angel event, not-rated label, rated status, or weighted-average credit rating affects bond pricing, mandate eligibility, liquidity, or portfolio reporting.
| Term | What it clarifies |
|---|---|
| Downgrade | A rating reduction that signals a weaker credit opinion. |
| Fallen Angel | A bond or issuer downgraded from investment grade to speculative grade. |
| Not Rated (NR) | A security or issuer without a rating from the referenced agency. |
| Rated | Status indicating an external rating opinion exists. |
| Weighted Average Credit Rating | A portfolio-level summary of holdings’ credit ratings. |
Check the rating agency, announcement date, watch or outlook status, prior rating, new rating, affected issue, and whether the action changes index eligibility, covenant treatment, collateral haircuts, or mandate compliance.
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Not rated means a bond or issuer lacks a public credit rating from the referenced rating agency or rating scale.
A downgrade is a lower credit rating assigned to an issuer or security, signaling higher perceived default risk and borrowing costs.
A fallen angel is a bond that lost investment-grade status after a downgrade, often widening spreads and forcing sales by restricted investors.
A rated issuer or security has received a credit rating that investors use to compare default risk, pricing, and portfolio eligibility.
Portfolio-level credit-quality measure that summarizes the average rating profile of a bond fund or fixed-income portfolio.