Credit Rating Scales and Definitions

Symbols Meaning (wrt timely servicing of financial obligations)

Highest degree of safety,
AAA Lowest credit risk
High degree of safety,
AA Very low credit risk
Adequate degree of safety,
A Low credit risk
Moderate degree of safety,
BBB Moderate credit risk
BB Moderate risk of default
B High risk of default
C Very high risk of default
D Default or expected to be in default soon
CARE: Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories CARE-
NP AA (Is) to CARE-NP C (Is). The modifiers reflect the comparative standing within the category.
ICRA: [ICRANP-IR] AA through to [ICRANP-IR] C the sign of + (plus) or – (minus) may be appended to
the Rating symbols to indicate their relative position within the Rating categories concerned. Thus
the Rating of [ICRANP-IR] AA+ is one notch higher than [ICRANP-IR] AA, while [ICRANP-IR] AA- is one
notch lower than [ICRANP-IR] AA.