This is generally one of the lowest investment grade ratings that a ratings agency assigns to a security or insurance carrier. This rating signifies a low to moderate level of risk for investors or policyholders. Entities that are assigned this rating generally possess adequate reserves and are reasonably stable but not as solid as higher-rated securities or carriers.


The ratings assigned by the various ratings agencies are based primarily upon the insurer's or issuer's creditworthiness. This rating can therefore be interpreted as a direct measure of the probability of default. However, credit stability and priority of payment are also factored into the rating.

  1. Ba3/BB-

    Bonds rated Ba3/BB- are generally considered speculative in nature ...
  2. Ba2/BB

    This is the next rating down from the highest non-investment ...
  3. B1/B+

    Usually the lowest investment grade rating assigned to a security ...
  4. B3/B-

    One of the lower ratings that a ratings agency assigns to a security ...
  5. B2/B

    This is generally the highest rating assigned to a non-investment ...
  6. A+/A1

    One of the top ratings that a ratings agency assigns to an issuer ...
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