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Bond credit ratings show how likely it is that the issuer will repay its obligations. Independent agencies like Moody's, S&P Global Ratings, and Fitch Ratings assign these ratings to help investors understand risk.

Ratings typically range from very high quality to very high risk.

• Highest ratings: ‘AAA’ (S&P/Fitch) or ‘Aaa’ (Moody’s) – considered the safest and with lowest risk of default
• Investment grade: ‘AAA’ to ‘BBB-’ (S&P/Fitch) or ‘Aaa’ to ‘Baa3’ (Moody’s) – generally lower risk
• Below investment grade (high-yield or ‘junk’): anything below ‘BBB-’ / ‘Baa3’ – higher risk of default
• Lowest ratings: ‘D’ (S&P/Fitch) or equivalent – the issuer is already in default

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

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