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Fitch Ratings
- American firm
- Date of foundation : 1913
- Headquarters: London, England and New York, USA
- Total staff: 5 000 staff members worldwide
- Presence in 31 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-.
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| Categories | Meaning | Rating symbols | Rating notches | Comments |
| 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 |
