Ratings At A Glance
While these comparisons are not hard and fast, they should give some insight into the ratings services.

"Moody's	"S&P	"CBRS	"DBRS
"Aaa	"AAA	"AAA or AA+	"AAA
"Aa1	"AA+	"AA+ or AA	"AA (high)
"Aa2	"AA	"AA	"AA (low)
"Aa3	"AA-	"AA (low)	"A (high)
"A1	"A+	"A+	"A
"A2	"A	"A	"A (low)
"A3	"A-	"A-	"BBB (high)
"Baa1	"BBB+	"BBB	"BBB (low)
"Baa2	"BBB	"BB+, BB or BB-	"BB (high) or BB (low)
"Baa3	"BBB-	"B+, B or B-	"B (high) or B (low)

  Moody's Debt Rating System

Moody's Short Term Ratings Assess:

the individual issuer's capacity to repay all short-term borrowing programs. This rating applies to all the issuer's senior, unsecured obligations with an original maturity of less than one year regardless of the currency or market in which the obligations are issued.

Exception: issuer's rating is supported by another entity through vehicles such as a letter of credit or guarantee.

Prime-1: superior ability for repayment of senior short-term debt obligations

• leading market positions in well-established industries
• high rates of return on funds employed
• broad margins in earnings coverage of fixed financial charges and high internal cash generation
• well-established access to a range of financial markets and assured sources of alternate liquidity

  Prime-2: strong ability for repayment of senior short-term debt obligations

• many of the above characteristics, but to a lesser degree
• earnings trends and coverage ratios may be more subject to variation
• capitalization characteristics may be more affected by external conditions than Prime-1

  Prime-3: acceptable ability for repayment of senior short-term obligations

• effect of industry characteristics and market compositions may be more pronounced
• variability in earnings and profitability may result in changes in the level of debt protection measurements
• high financial leverage
• adequate alternate liquidity is maintained

  Moody's Long Term Ratings assess:

• credit risk--ability to pay long-term debt obligations
• indenture protection--legal protection on security based on the security's indenture provisions relating to senior/subordinate status, security, negative pledge clauses, guarantees

  Aaa: best quality

• smallest degree of investment risk: "gilt edged"
• interest payments are protected by a large or exceptionally stable margin
• principal secure
• changes in protective elements are most unlikely to impair the fundamentally strong position

  Aa: high quality

• margins of protection may not be as large as Aaa securities
• long term risk is somewhat larger than Aaa

  A: upper-medium grade

• adequate security to principal and interest
• may be susceptible to impairment some time in the future

  Baa: medium grade--neither highly protected nor poorly secured

• interest payments and principal security seem adequate for the present but firm lacks certain protective elements for the long term
• bond lacks outstanding investment characteristics and/or has speculative characteristics

  Ba: speculative

• future of firm cannot be considered well-assured
• protection of interest and principal payments may be very moderate
• not well safeguarded in good and bad times in the future

  B: not a desirable investment

• no assurance of interest or principal payment security

  Caa: poor standing

• issuer may be in default
• dangerous elements associated with the issuer

  Ca: speculative in high degree

• issuer probably in default

  C: lowest-rated bonds

• extremely poor prospects
  
  

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    Standard & Poor's Debt Rating System

  AAA: highest rating assigned by S&P

• extremely strong capacity to pay interest and repay principal

  AA

• very strong capacity to pay interest and repay principal

  A

• strong capacity to pay interest and repay principal
• somewhat more susceptible to the adverse effects of changes in economic conditions

  BBB

• adequate capacity to pay interest and repay principal
• normally exhibits adequate protection parameters
• adverse economic conditions are more likely to lead to a weakened capacity to pay interest and repay principal

  BB: moderately speculative

• less short-term vulnerability to default than other risky issues
• faces uncertainties and exposure to adverse business, financial or economic conditions which could lead to inadequate capacity to meet timely interest and principal payments

  B: speculative

• greater vulnerability to default but currently has the capacity to meet interest payments and principal repayments
• adverse business, financial or economic conditions will likely impair capacity or willingness to pay interest and repay principal

  CCC: vulnerable to default

• dependent on favourable business, financial and economic conditions to meet timely payment of interest and repayment of principal
• also refers to debt subordinated to senior debt that is assigned an actual or implied 'B' or 'B-' rating

  CC

• debt subordinated to senior debt that is assigned an actual or implied 'CCC' rating

  C

• debt subordinated to senior debt that is assigned an actual or implied 'CCC-' rating
• often used in a situation where a bankruptcy petition has been filed, but debt service payments are continued

  CI: income bonds on which no interest is being paid

  D: issuer in default

• interest payments or principal repayments are not made on the date due, even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period
• issuer has filed for bankruptcy and debt service payments are jeopardized

  Other Symbols Used:

• Plus (+) or Minus (-) signs indicated relative standing within a rating.
• The letter 'c' indicates that the holder's option to tender the security for purchase may be cancelled under certain pre-stated conditions enumerated in the tender option documents.
• The letter 'L' indicates that the rating pertains to the principal amount of those bonds to the extent that the underlying deposit collateral is federally insured and interest is adequately collateralized.
• The letter 'p' indicates that the rating is provisional. The rating assumes the successful completion of the project being financed by the debt being rated and indicates that the payment of debt service requirements is largely or entirely dependent upon the successful and timely completion of the project.
• The letter 'r' is attached to highlight derivative, hybrid and certain other obligations that S&P believes may experience high volatility or high variability in expected returns due to noncredit risks.
  
  

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    Detailed Description of DBRS Ratings

  AAA
  These bonds are of the highest investment quality. The degree of protection afforded principal and interest is of the highest order. Earnings are relatively stable, the structure of the industry in which the company operates is strong, and the outlook for future profitability is extremely favourable. There are few qualifying factors present which would detract from the performance of the company, and the strength of liquidity ratios is unquestioned for the industry in which the company operates.

  AA
  These bonds are of superior investment quality, and protection of principal and interest is considered high. Usually, the difference from AAA is negligible.

  A
  These bonds are upper medium grade securities. Protection of interest and principal is still substantial, but the degree of strength is less than with AA. Companies in this category may be more susceptible to adverse economic conditions.

  BBB
  These are medium grade securities. Protection of interest and principal is considered adequate, but the company may be more susceptible to economic cycles, or there may be other adversities present which reduce the strength of these bonds.

  BB
  These are lower medium grade bonds and are considered speculative and below average. The degree of protection afforded interest and principal is uncertain, particularly during periods of economic recession for a relatively small company.

  B
  These bonds are "middle" speculative. Uncertainty exists as to the ability of the company to pay interest and principal on a continuing basis in the future, especially in periods of economic recession.

  CCC
  These bonds are considered highly speculative and are in danger of default of interest and principal. The degree of adverse elements present is more severe than bonds rated B. Note that if a company is maintaining payments of interest and principal, the lowest rating it could receive from DBRS is CCC, if it is rated.

  CC
  These bonds are in default of either interest or principal, and other severe adverse elements are present.

  C
  These bonds differ from CC rated bonds with respect to the relative liquidation values. This is the lowest rating.