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اصطلاحات مالی: Investment Grade

حروفی مانند A, AA, AAA نشان دهنده رتبه اعتباری اوراق قرضه یا شرکت انتشار دهنده هستند.

رتبه اعتباری اوراق قرضه

حروفی مانند A, AA, AAA نشان دهنده رتبه اعتباری اوراق قرضه یا شرکت انتشار دهنده هستند. رتبه اعتباری A از رتبه اعتباری AA کمتر و رتبه اعتباری B از رتبه اعتباری A کمتر است. استاندارد پوئرز رتبه اعتباری اوراق قرضه را بر حسب A, AA, AAA و مودی، آنها را بر حسب BBB یا بالاتر طبقه بندی می کند.

(فرهنگ جامع حسابداری- علی پارسائیان)

 

Investment Grade

(Investopedia Definition)

A rating that indicates that a municipal or corporate bond has a relatively low risk of default. Bond rating firms, such as Standard & Poor’s, use different designations consisting of upper- and lower-case letters ‘A’ and ‘B’ to identify a bond’s credit quality rating. ‘AAA’ and ‘AA’ (high credit quality) and ‘A’ and ‘BBB’ (medium credit quality) are considered investment grade. Credit ratings for bonds below these designations (‘BB’, ‘B’, ‘CCC’, etc.) are considered low credit quality, and are commonly referred to as “junk bonds”.

(Wikipedia Definition)

A bond is considered investment grade or IG if its credit rating is BBB- or higher by Standard & Poor’s or Baa3 or higher by Moody’s. Generally they are bonds that are judged by the rating agency as likely enough to meet payment obligations that banks are allowed to invest in them.

Ratings play a critical role in determining how much companies and other entities that issue debt, including sovereign governments, have to pay to access credit markets, i.e., the amount of interest they pay on their issued debt. The threshold between investment-grade and speculative-grade ratings has important market implications for issuers’ borrowing costs.

Bonds that are not rated as investment-grade bonds are known as high yield bonds or more derisively as junk bonds.

The risks associated with investment-grade bonds (or investment-grade corporate debt) are considered significantly higher than those associated with first-class government bonds. The difference between rates for first-class government bonds and investment-grade bonds is called investment-grade spread. The range of this spread is an indicator of the market’s belief in the stability of the economy. The higher these investment-grade spreads (or risk premiums) are, the weaker the economy is considered.

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21 اکتبر 2015

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