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Ratings Correlation Chart

In Canada and the U.S., debt issues are rated by several rating agencies. The three most frequently used agencies in Canada are DBRS, Moody’s Investor Services (Moody’s) and Standard & Poor’s (S&P), although Fitch Ratings has recently opened an office in Toronto.

 

TD Securities has worked in conjunction with the rating agencies to develop a ratings correlations chart. This chart provides a comparison of the different scales used by the three main rating agencies when rating debt.

 

Credit Quality DBRS Moody's S&P
  Long Term Short Term Long Term Short Term Long Term Global CP Scale Canadian CP Scale
Superior

AAA

R-1 (high)

Aaa

p-1

AAA

A-1+

A-1 (high)

AA (high) R-1 (high) Aa1 p-1 AA+ A-1+ A-1 (high)
AA R-1 (mid) Aa2 p-1 AA A-1+ A-1 (high)
AA (low) R-1 (mid) Aa3 p-1 AA- A-1+ A-1 (high)
Good

A (high)

R-1 (low)

A1

p-1

A+

A-1

A-1 (mid)

A R-1 (low) A2 p-1 A A-1 A-1 (mid)
A (low) R-1 (low) A3 p-2 A- A-2 A-1 (low)
Adequate

BBB (high)

R-2 (high)

Baa1

p-2

BBB+

A-2

A-1 (low)

BBB R-2 (mid) Baa2 p-2 BBB A-2 A-2
BBB (low) R-2 (low), R-3 Baa3 p-3 BBB- A-3 A-3
Speculative

BB (high)

R-4

Ba1

Not Prime

BB+

B

B

BB R-4 Ba2 Not Prime BB B B
BB (low) R-4 Ba3 Not Prime BB- B B
Highly Speculative

B (high)

R-4

B1 

Not Prime

B+

C

C

B R-5 B2 Not Prime B C C
B (low) R-5 B3 Not Prime B- C C
CCC R-5 Caa Not Prime CCC C C

    December 16, 2017
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