AAA
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Issuer Default Ratings

AAA

Highest credit quality

AAA’ ratings denote the lowest expectation of default risk. They are 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.

AA

Very high credit quality

AA’ ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A

High credit quality

A’ ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB

Good credit quality

BBB’ ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

BB

Speculative

BB’ ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

B

Highly speculative

B’ ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC

Substantial credit risk

Default is a real possibility.

CC

Very high levels of credit risk

Default of some kind appears probable.

C

Near default

A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired.

RD

Restricted default

RD’ ratings indicate an issuer that in Fitch’s opinion 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.

D

Default

D’ ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.

AAA(bra)

AAA’ National Ratings denote the highest rating assigned by the agency in its National Rating scale for that country. This rating is assigned to issuers or obligations with the lowest expectation of default risk relative to all other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

AA(bra)

‘AA’ National Ratings denote expectations of a very low level of default risk relative to other issuers or obligations in the same country or monetary union. The default risk inherent differs only slightly from that of the country’s highest rated issuers or obligations.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

A(bra)

A’ National Ratings denote expectations of a low level of default risk relative to other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

BBB(bra)

BBB’ National Ratings denote a moderate level of default risk relative to other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

BB(bra)

‘BB’ National Ratings denote an elevated default risk relative to other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

B(bra)

‘B’ National Ratings denote a significantly elevated level of default risk relative to other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

CCC(bra)

‘CCC’ National Ratings denote a very high level of default risk relative to other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

CC(bra)

‘CC’ National Ratings denote the level of default risk is among the highest relative to other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

C(bra)

A default or default-like process has begun

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

RD

RD’ ratings indicate an issuer that, in Fitch’s opinion, has experienced an uncured payment default on a bond, loan or other material financial obligation but that has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure and has not otherwise ceased business

D

D’ National Ratings denote an issuer that has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.

F1

Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. Under the agency’s National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country or monetary union. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

F2

Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.

F3

Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

B

Indicates an uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

C

Indicates a highly uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

RD

Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Applicable to entity ratings only.

D

Indicates a broad-based default event for an entity, or the default of a short-term obligation.

RR1

Outstanding Recovery Prospects Given Default

RR1’ rated securities have characteristics consistent with securities historically recovering 91%–100% of current principal and related interest.

RR2

Superior Recovery Prospects Given Default

RR2’ rated securities have characteristics consistent with securities historically recovering 71%–90% of current principal and related interest.

RR3

Good Recovery Prospects Given Default

RR3’ rated securities have characteristics consistent with securities historically recovering 51%–70% of current principal and related interest.

RR4

Average Recovery Prospects Given Default

RR4’ rated securities have characteristics consistent with securities historically recovering 31%–50% of current principal and related interest.

RR5

Below Average Recovery Prospects Given Default

RR5’ rated securities have characteristics consistent with securities historically recovering 11%–30% of current principal and related interest.

RR6

Poor Recovery Prospects Given Default

RR6’ rated securities have characteristics consistent with securities historically recovering 0%–10% of current principal and related interest.

aaa

Highest Fundamental Credit Quality

‘aaa’ ratings denote the best prospects for ongoing viability and lowest expectation of failure risk. They are assigned only to banks with extremely strong and stable fundamental characteristics, such that they are most unlikely to have to rely on extraordinary support to avoid default. This capacity is highly unlikely to be adversely affected by foreseeable events.

aa

Very High Fundamental Credit Quality

‘aa’ ratings denote very strong prospects for ongoing viability. Fundamental characteristics are very strong and stable, such that it is considered highly unlikely that the bank would have to rely on extraordinary support to avoid default. This capacity is not significantly vulnerable to foreseeable events.

a

High Fundamental Credit Quality

‘a’ ratings denote strong prospects for ongoing viability. Fundamental characteristics are strong and stable, such that it is unlikely that the bank would have to rely on extraordinary support to avoid default. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

bbb

Good Fundamental Credit Quality

‘bbb’ ratings denote good prospects for ongoing viability. The bank’s fundamentals are adequate, such that there is a low risk that it would have to rely on extraordinary support to avoid default. However, adverse business or economic conditions are more likely to impair this capacity.

bb

Speculative Fundamental Credit Quality

‘bb’ ratings denote moderate prospects for ongoing viability. A moderate degree of fundamental financial strength exists, which would have to be eroded before the bank would have to rely on extraordinary support to avoid default. However, an elevated vulnerability exists to adverse changes in business or economic conditions over tim

b

Highly speculative Fundamental Credit Quality

‘b’ ratings denote weak prospects for ongoing viability. Material failure risk is present, but a limited margin of safety remains. The bank’s capacity for continued unsupported operation is vulnerable to deterioration in the business and economic environment.

ccc

Substantial Fundamental Credit Risk

Failure of the bank is a real possibility. The capacity for continued unsupported operation is highly vulnerable to deterioration in the business and economic environment.

cc

Very High Levels of Fundamental Credit Risk

Failure of the bank appears probable.

c

Exceptionally High Levels of Fundamental Credit Risk

Failure of the bank is imminent or inevitable.

f

A bank that, in Fitch’s opinion, has failed, i.e. either: has defaulted on its senior obligations to third-party, non-government creditors; or requires extraordinary support or needs to impose losses on subordinated obligations to restore its viability.

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