AAA The highest level of capacity of the obligor to honor its financial commitment on the obligation.
AA A very high level of capacity to honor the financial commitment on the obligation.
A A high level of capacity to honor the financial commitment on the obligation.
BBB An adequate level of capacity to honor the financial commitment on the obligation. However, this capacity is more likely to diminish in the future than in the cases of the higher rating categories.
BB Although the level of capacity to honor the financial commitment on the obligation is not considered problematic at present, this capacity may not persist in the future.
B A low level of capacity to honor the financial commitment on the obligation, having cause for concern.
CCC There are factors of uncertainty that the financial commitment on the obligation will be honored, and a possibility of default.
CC A high default risk.
C A very high default risk.
D In default.
A plus (+) or minus (-) sign may be added to the rating symbols from 'AA' to 'B', to indicate relative standing within each of those rating categories.
a. JCR's long-term ratings are gradings that enable comparisons to be made of obligors' capacity to honor the financial commitments on obligations of more than one year as contracted.
b. The subjects of JCR's long-term ratings include issuers' specific obligations such as bonds and financial programs (e.g. medium-term note programs). They also include obligors' capacity to honor the financial obligations such as "long-term senior debts" and "ability to pay insurance claims."
c. The aforementioned symbols are also used for ratings of long-term securitized products including asset backed securities.
J-1 The highest level of capacity of the obligor to honor its short-term financial commitment on the obligation. Within this rating category, obligations for which the capacity is particularly high are indicated by the symbol 'J-1+.'
J-2 The high level of capacity to honor the short-term financial commitment on the obligation, but slightly less than for category J-1.
J-3 An adequate level of capacity of the obligor to honor the short-term financial commitment on the obligation, but susceptible to adverse changes in circumstances.
NJ The capacity of the obligor to honor the short-term financial commitment on the obligation is less than for the upper-ranking categories.
D In default.
a. JCR's short-term ratings are gradings that enable comparisons to be made of obligors' capacity to honor the financial commitments on obligations of no more than one year as contracted.
b. The subjects of JCR's short-term ratings include issuers' specific obligations such as commercial-paper programs (including both certificated CP and electronic CP), and obligors' capacity to honor short-term financial obligations such as "short-term senior debts."
c. The aforementioned symbols are also used for ratings of short-term securitized products including asset backed securities.
For more information about JCR Ratings please visit the web site at: www.jcr.co.jp or contact Japan Credit Rating Agency directly at:
Jiji Press Building, 5-15-8 Ginza, Chuo-ku Tokyo 104-0061, Japan
Tel: 81-3(3544)7024
Fax: 81-3(3544)7028
