Updated: 11/2/17
CRP CREDIT RATING EQUIVALENT TO SVO DESIGNATIONS UPDATED: 6/23/16
(A) MOODY’S INVESTOR’S SERVICE Corporate, Government Counterparty and Municipal Ratings Aaa; Aa 1, 2, 3; A 1, 2, 3 Baa 1, 2, 3 Ba 1, 2, 3 B 1, 2, 3 Caa, 1, 2, 3 Ca, C Commercial Paper and Short Term Counterparty Ratings P1 P2 P3 N P (Not prime) Preferred Stock Aaa; Aa 1, 2, 3; A 1, 2, 3 Baa 1, 2, 3 Ba 1, 2, 3 B 1, 2, 3 Caa Ca, C
NAIC 1 2 3 4 5 6 NAIC 1 2 3 6 NAIC 1 2 3 4 5 6
(B) STANDARD AND POOR’S Corporate Counterparty and Municipal Ratings -Public Bonds AAA, AA+, AA, AA-, A+, A, ABBB+, BBB, BBBBB+, BB, BBB+, B, BCCC+, CCC, CCCCC, C, D Commercial Paper (Standard & Poor’s continued) A, A 1 A2 A3 B C D Preferred Stock AAA, AA+, AA, AA-, A+, A, ABBB+, BBB, BBBBB+, BB, BBB+, B, BCCC CC, C, D
© 2017 National Association of Insurance Commissioners
NAIC 1 2 3 4 5 6 NAIC 1 2 2 4 5 6 NAIC 1 2 3 4 5 6
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(C) FITCH RATINGS Fixed Income and Counterparty Ratings AAApre AAA, AA+, AA, AA-, A+, A, ABBB+, BBB, BBBBB+, BB, BBB+, B, BCCC, CC, C, DDD, DD, D
NAIC 1* 1 2 3 4 5 6
* This rating is assigned to pre-refunded municipal debt.
Commercial Paper F 1+, F 1 F2 F3 B C D Preferred Stock AAA, AA+, AA, AA-, A+, A, ABBB+, BBB, BBBBB+, BB, BBB+, B, BCCC CC, C
NAIC 1 2 2 4 5 6 NAIC 1 2 3 4 5 6
(D) DOMINION BOND RATING SERVICE Bond and Long Term Debt AAA, AA (high), AA, AA (low), A (high), A, A (low) BBB (high), BBB, BBB (low) BB (high), BB, BB (low) B (high), B, B (low) CCC (high CC, C (low), D Preferred Stock Pfd-1 (high), Pfd-1, Pfd 1 (low) Pfd-2 (high), Pfd-2, Pfd-2 (low) Pfd-3 (high), Pfd-3, Pfd-3 (low) Pfd-4 (high), Pfd-4, Pfd-4 (low) Pfd-5 (high), Pfd-5, Pfd-5 (low), D Commercial Paper and Short Term Debt R 1 (high), R-1 (middle), R-1 (low) R 2 (high), R-2 (middle), R-2 (low) R-3 R-4 R-5, D
© 2017 National Association of Insurance Commissioners
NAIC 1 2 3 4 5 6 NAIC 1 2 3 4 5 6 NAIC 1 2 3 5 6
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(E) A.M. BEST COMPANY Bond, Long Term Debt and Preferred aaa, aa+, aa, aa-, a+, a, abbb+, bbb, bbbbb+, bb, bbb+, b, bccc+, ccc, ccccc, c, d Commercial Paper and Short Term Debt AMB-1+, AMB-1 AMB-2 AMB-3 AMB –4
NAIC 1 2 3 4 5 6 NAIC 1 2 3 6
(F) MORNINGSTAR CREDIT RATINGS, LLC Fixed Income and Counterparty Ratings AAA, AA, A BBB BB B CCC+, CCC, CCCCC, C* §, D
NAIC 1 2 3 4 5 6
* This rating is not applicable to structured finance securities. § Morningstar defines CC, C as "likely to default" which we here equate to the NAIC 6 definitional concept of a security "in or near default." Morningstar's D, defined as "in default" is also equated to an NAIC 6.
(G) KROLL BOND RATING AGENCY Long-Term Corporate, Counterparty and Municipal Ratings AAA, AA+, AA, AA-, A+, A, ABBB+, BBB, BBBBB+, BB, BBB+, B, BCCC+, CCC, CCCCC, C, D Short-Term and Commercial Paper Ratings K1+, K1 K2 K3 B C D Preferred Stock Ratings AAA, AA+, AA, AA-, A+, A, ABBB+, BBB, BBBBB+, BB, BBB+, B, BCCC+, CCC, CCCCC, C, D
© 2017 National Association of Insurance Commissioners
NAIC 1 2 3 4 5 6 NAIC 1 2 3 4 5 6 NAIC 1 2 3 4 5 6
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(H) EGAN JONES RATING COMPANY Corporate Ratings AAA, AA+, AA, AA-, A+, A, ABBB+, BBB, BBBBB+, BB, BBB+, B, BCCC+, CCC, CCCCC, C, D Commercial Paper A, A1, A1+ A2 A3 B C D Preferred Stock AAA, AA+, AA, AA-, A+, A, ABBB+, BBB, BBBBB+, BB, BBB+, B, BCCC CC, C, D
(I)
NAIC 1 2 3 4 5 6 NAIC 1 2 2 4 5 6 NAIC 1 2 3 4 5 6
HR Ratings de Mexico, S.A. de C.V. Government Counterparty and Municipal Ratings HR AAA (G), HR AA+ (G), HR AA (G), HR AA(G), HR A+ (G), HR A (G), HR A- (G) HR BBB+ (G), HR BBB (G), HR BBB- (G) HR BB+ (G), HR BB (G), HR BB- (G) HR B+ (G), HR B (G), HR B- (G) HR C+ (G), HR C (G), HR C- (G) HR D (G)
NAIC 1 2 3 4 5 6
G:\DATA\SVO Managers\Website\CRP Credit Rating Equivalent To SVO Designations.docx
© 2017 National Association of Insurance Commissioners
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