Rating Agency Date Global Rating Local Rating
Moody's 03 may 2019 B2 A1.ar
S&P Global 17 jul 2019 B
S&P Global 20 ago 2019 B


Moodys long-term credit risk ratings: bonds and preferred shares

Bonds and preferred shares rated Aaa are considered to be the best quality. They have the lowest degree of investment risk and are generally called "low risk". Interest payments are protected by a high or exceptionally stable margin, and the principal is safe. Although it is likely that the different insurance elements will change, it is very unlikely that the changes will damage the fundamentally strong position of these issues.

The bonds and preferred shares with the Aa rating are considered high quality, according to all standards. Along with the ratings of the Aaa group, they comprise what is generally known as high quality bonds. They have a lower rating than other bonds, since the protection margins may not be as high as those of the Aaa rating, or that the protective elements have a greater fluctuation, or that there are other elements that make the risk Long-term bonds rated Aa are higher than those rated Aaa.

Bonds and preferred shares rated A have many favorable investment attributes and are considered upper-middle quality obligations. The factors that ensure the principal and interest are considered adequate, but there may be elements that suggest the possibility of default at some future time.