AAA

Issuers or issues rated “AAA” demonstrate the
strongest creditworthiness and the lowest likelihood of credit loss relative to other domestic issuers.

AA

Issuers or issues rated “AA” demonstrate very strong creditworthiness and a low likelihood of credit loss relative to other domestic issuers.

A

Issuers or issues rated “A” represent above-average creditworthiness relative to other domestic issuers.

BBB

Issuers or issues rated “BBB” represent average
creditworthiness relative to other domestic issuers.

BB

Issuers or issues rated “BB” demonstrate below average creditworthiness relative to other domestic issuers.

B

Issuers or issues rated “B” demonstrate weak
creditworthiness relative to other domestic issuers.

CCC

Issuers or issues rated “CCC” are speculative &
demonstrate very weak creditworthiness relative to other domestic issuers.

CC

Issuers or issues “CC” are highly speculative &
demonstrate extremely weak creditworthiness relative to other domestic issuers.

C

Issuers or issues rated “C” are extremely speculative and demonstrate the weakest creditworthiness relative to other domestic issuers.

Note: MERIS appends modifiers to each generic rating classification from AA through CCC. The modifier (+) indicates that the obligation ranks in the higher end of its generic rating category: the modifier (–) indicates a ranking in the lower end of that generic rating category.

Prime1

Issuers or issues rated “Prime1” have the
strongest ability to repay short-term senior
unsecured debt obligations relative to other
domestic issuers

Prime2

Issuers or issues rated “Prime2” have an above average ability to repay short-term senior
unsecured debt obligations relative to other
domestic issuers.

Prime3

Issuers or issues rated “Prime3” have an average
ability to repay short-term senior unsecured
obligations relative to domestic issuers.

Prime4

Issuers or issues rated “Prime4” have a below average ability to repay short-term senior
unsecured obligations relative to other domestic
issuers.

Codes of Conduct