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SPECULATIVE GRADE:-

1. BWR BB (BWR Double B):- Instruments with this rating are considered
to offer inadequate credit quality.
2. BWR B:- Instruments with this rating are considered to offer Low credit
quality.
3. BWR C:- Instruments with this rating are considered to offer Very Low
credit quality.
4. BWR D:- Instruments with this rating are in Default or expected to
Default.

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