Ratings

Standard & Poor's

A debtor with an “A” rating is one who has a strong capacity to meet its financial commitments, although, in some way, it is more sensitive to adverse changes in economic circumstances and conditions than debtors with higher ratings.

Moody's

Bonds and preferential shares rated A are considered upper-medium-grade, with high security in the collection of principal and interest, although the risk of default is not 100% eliminated.

Fitch

High credit quality. ‘A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

Clarifications on the nomenclature

Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through B. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Fitch applies the same signs from the AAA category.