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Bond ratings measure a bond’s credit worthiness, indicating how likely the borrower is to repay. Rating agencies like Moody’s, S&P, and Fitch assign ratings to bonds to indicate the associated risk. Investment-grade bonds have ratings from 'AAA' to 'BBB-' (S&P/Fitch) or 'Aaa' to 'Baa3' (Moody’s).

Bonds with lower ratings are known as junk bonds or high-yield bonds. The higher the bond's rating, the lower the interest rate, due to the lower risk. Alternatively, the opposite applies to bonds with low ratings, as these have a higher risk-return.

At Revolut, we provide Fitch ratings. The definitions for each rating can be found in-app for all rated bonds.

To access these definitions:

• Select a bond
• Scroll down to 'Fitch ratings'
• Tap 'See all'