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
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 |