AAA: Maximum credit rating. Excellent capacity, on the part of the rated company, to face its payment obligations. The punctual payment of its financial obligations can be counted on in the future.
AA+; AA; AA-: Very high level. Maintains a very high level of capacity to meet its debt obligations, even in the event of changes in the economic environment.
A+: A; A-: High level. The company has an elevated capacity to face its credit obligations. However, this rating can deteriorate in case of moderately adverse changes in the economic environment.
BBB+; BBB; BBB-: High/medium level. A more adequate capacity to face its financial obligations. However, this capacity has a greater probability of deteriorating in the medium or long term than ones in higher categories.
BB+; BB; BB-: Medium level. An adequate capacity to face its financial obligations.
B+: B: B-: Medium/low level. Despite the fact that the capacity to face the financial obligation payments is not currently problematic, this capacity may not last for a long time.
CCC+; CCC; CCC-: Low level. Low capacity to face its financial obligations. Dependency on a favourable economic environment.
CC: Poor credit rating. Uncertainty exists regarding its capacity to repay the financial obligations. An elevated probability of non-compliance in some of the payments. Elevated sensitivity to changes in the economic environment.
C: Very poor credit rating. Elevated risk of cessation or interruption of payments.
D: Rating close to insolvency. A situation very close to insolvency. A very high risk of non-payment.
Default: Non-payment situation. The company is in a situation of default, with payment delays, has been declared insolvent, or is insolvent. The possibility exists of not facing the repayment of their financial commitments.