Credit Classification and Credit Rating Agency Rating Matrix

OECD Country Risk Category
1 2 3 4 5 6 7
OECD Buyer Risk Categories OECD SOV+¹ SOV+ SOV+ SOV+ SOV+ SOV+ SOV+
OECD SOV/CC0 SOV/CC0 SOV/CC0 SOV/CC0 SOV/CC0 SOV/CC0 SOV/CC0
CRA Scale AAA A+ BBB+ BB+ BB- B+ B
OECD CC1² CC1 CC1 CC1 CC1 CC1 CC1
S&P/Fitch IBCA AAA to AA- A+ to A- BBB+ to BBB- BB+ to BB BB- B+ B
Moody's Aaa to Aa3 A1 to A3 Baa1 to Baa3 Ba1 to Ba2 Ba3 B1 B2
OECD CC2 CC2 CC2 CC2 CC2 CC2 CC2
S&P/Fitch IBCA A+ to A- BBB+ to BBB- BB+ to BB BB- B+ B B- or worse
Moody's A1 to A3 Baa1 to Baa3 Ba1 to Ba2 Ba3 B1 B2 B3 or worse
OECD CC3 CC3 CC3 CC3 CC3 CC3  
S&P/Fitch IBCA BBB+ to BBB- BB+ to BB BB- B+ B B- or worse
Moody's Baa1 to Baa3 Ba1 to Ba2 Ba3 B1 B2 B3 or worse
OECD CC4 CC4 CC4 CC4 CC4  
S&P/Fitch IBCA BB+ to BB BB- B+ B B- or worse
Moody's Ba1 to Ba2 Ba3 B1 B2 B3 or worse
OECD CC5 CC5 CC5 CC5  
S&P/Fitch IBCA BB- or worse B+ or worse B or worse B- or worse
Moody's Ba3 or worse B1 or worse B2 or worse B3 or worse