Table 7 Conversion scale from numerical to relative credit ratings by Moody’s and EJR
From: Detecting conflicts of interest in credit rating changes: a distribution dynamics approach
Moody's credit ratings | EJR’s credit ratings | Numerical credit ratings | Relative credit ratings | |
|---|---|---|---|---|
Aaa | AAA | 22 | 1.6245 | Investment grade |
Aa1 | AA+ | 21 | 1.5506 | |
Aa2 | AA | 20 | 1.4768 | |
Aa3 | AA− | 19 | 1.4029 | |
A1 | A+ | 18 | 1.3291 | |
A2 | A | 17 | 1.2553 | |
A3 | A− | 16 | 1.1814 | |
Baa1 | BBB+ | 15 | 1.1076 | |
Baa2 | BBB | 14 | 1.0337 | |
Baa3 | BBB− | 13 | 0.9599 | |
Ba1 | BB+ | 12 | 0.8861 | Speculative grade |
Ba2 | BB | 11 | 0.8122 | |
Ba3 | BB− | 10 | 0.7384 | |
B1 | B + | 9 | 0.6645 | |
B2 | B | 8 | 0.5907 | |
B3 | B− | 7 | 0.5169 | |
Caa1 | CCC+ | 6 | 0.4430 | |
Caa2 | CCC | 5 | 0.3692 | |
Caa3 | CCC− | 4 | 0.2954 | |
Ca | CC | 3 | 0.2215 | |
C | C | 2 | 0.1477 | |
D | 1 | 0.0738 |