A "rating" assigned by a rating agency (such as "Moody's", "Standard & Poor's" and "Fitch") represents an opinion on the credit standing and the likelihood of default of a rated entity (e.g. of a company, a bank, etc.) or a security (e.g. a bond). Each rating agency uses its own methodology regarding the meaning of the ratings allocated. Please find here an overview of the ratings used by rating agencies.
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