Fitch Ratings scale

Fitch Ratings notation

Fitch Ratings

  • American firm
  • Date of foundation : 1913
  • Headquarters: London, England and New York, USA
  • Turnover: 1.9 billion USD
  • Total staff: 3 250 staff members worldwide
  • Presence in 50 countries

Fitch Ratings scale

From AA to CC, the Fitch ratings may be accompanied by a (+) or (-) modifier to specify the “rating notches”. These notches can be attached to each grade.
For example AA rating includes AA+, AA and AA-.

CategoriesMeaningRating symbolsRating notchesComments
Investment
Highest quality
AAA
 
The lowest expectation of default risk.
Exceptionally strong capacity for payment of financial commitments
Very high quality
AA
AA+
AA
AA-
Expectations of very low default risk.
Very strong capacity for payment of financial commitments
High credit quality
A
A+
A
A-
Expectations of low default risk.
The capacity for payment of financial commitments is considered strong.
This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions
Good credit quality
BBB
BBB+
BBB
BBB-
Expectations of default risk are currently low.
The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity
Speculative
Speculative
BB
BB+
BB
BB-
Elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time
Highly speculative
B
B+
B
B-
Material default risk is present, but a limited margin of safety remains.
Capacity for continued payment is vulnerable to deterioration in the business and economic environment
Substantial credit risk
CCC
CCC+
CCC
CCC-
Default is a real possibility
Very high levels of credit risk
CC
 
Default of some kind appears probable
Near default
C
 
A default or default-like process has begun
Payment capacity is irrevocably impaired
Restricted default
RD
 
Payment default but has not entered into bankruptcy filings, liquidation, or other formal winding-up procedure, and has not otherwise ceased operating
Default
D
 
Ceased business and has entered into bankruptcy filings, liquidation or other formal winding-up procedure

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