|AAA||The ability to repay debt is extremely strong, and the risk of default is extremely low.|
|AA||The ability to repay debt is very strong, and the risk of default is very low.|
|A||The ability to repay debts is stronger, and it is more susceptible to adverse economic conditions, and the risk of default is lower.|
|BBB||The ability to repay debt is generally affected by the adverse economic environment, and the risk of default is general.|
|BB||The ability to repay debts is weak, and it is greatly affected by the adverse economic environment and has a high risk of default.|
|B||The ability to repay debt is heavily dependent on a good economic environment and the risk of default is high.|
|CCC||The ability to repay debt is highly dependent on a good economic environment, and the risk of default is extremely high.|
|CC||Less protection can be obtained in bankruptcy or reorganization, and there is basically no guarantee of repayment of debts.|
|C||Cannot repay debt.|
|D||In default or in breach of an imputed promise|
In addition to rating symbol, FV Open Ratings also provides numerical scores which are identical to individual rating symbol as a reference.
Except for AAA level, CC level and C level, each credit level can be fine-tuned with “+” and “-” symbols, indicating slightly higher or lower than this level. The middle score in each group represents the level, the lower numerical score represents “-” and upper one represents “+”.
Regarding structured ratings, FV Open Ratings will insert “(fi)” into all of its new and existing Credit Ratings of structured finance instruments (fi), and will appear following the Credit Rating in all credit rating announcements and research reports -- e.g. “AA (fi)”.