Fitch long-term issue rating
The Long-Term Issue Rating reflects a credit rating agency’s assessment of the credit risk associated with a specific debt instrument and the issuer’s capacity to meet its financial obligations on that instrument in a timely manner.
Long-term ratings apply to obligations with an original maturity of:
- more than 12 months for most debt instruments; or
- more than 3 years for U.S. Public Finance securities.
These ratings rank securities on an ordinal scale of relative credit risk and do not represent a specific probability of default.
Rating scale
| Grade | Rating | Description |
| Investment | AAA | Lowest expectation of default risk. Assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. |
| Investment | AA+, AA, AA- | Very low default risk. Very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. |
| Investment | A+, A, A- | Low default risk. The capacity for payment of financial commitments is considered strong, but may be more vulnerable to adverse business or economic conditions than is the case for higher ratings. |
| Investment | BBB+, BBB, BBB- | Currently low default risk. Capacity for payment of financial commitments is adequate, but adverse business or economic conditions are more likely to impair this capacity. |
| Speculative | BB+, BB, BB- | Elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time. However, financial flexibility may support continued servicing of obligations. |
| Speculative | B+, B, B- | Material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met, though the capacity for continued payment is vulnerable to deterioration in the business and economic environment. |
| Speculative | CCC+, CCC, CCC- | Very high credit risk. Default is a real possibility. |
| Speculative | CC | Default of some kind appears probable. |
| Speculative | C | A default or default-like process has begun, or for a closed funding vehicle, payment capacity is irrevocably impaired. |
| Default | RD | Restricted Default. The issuer has experienced an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and has not otherwise ceased operating. |
| Default | D | Default. The issuer has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business and debt is still outstanding. |
| Other | NR | No rating publicly assigned. |
| Other | WD | Rating Withdrawn. The rating has been withdrawn due to default, redemption, maturity, or termination of the relationship with Fitch Ratings. |