Bond Rating
Publicly issued bonds require ratings from credit rating agencies. Internationally, the three major rating agencies are Standard & Poor's (S&P), Moody's, and Fitch. Ratings descend in sequence from AAA, AA, A, BBB, BB, B, CCC, and below.
Bonds rated below BBB are referred to in the market as junk bonds or high-yield bonds, while those rated BBB and above are classified as investment-grade bonds.
