Compare credit ratings only after matching the thing being rated, the time horizon, the scale and the date. An issuer rating should be compared with another issuer rating; a rating on a specific bond should be compared with a rating on that same obligation. Then interpret each agency’s symbols on its own scale, review outlooks or watch status, and read the rationale behind the grade.
No symbol conversion is exact by default. Ratings are forward-looking opinions about relative credit risk, not guarantees of repayment or recommendations to buy or sell. A sound comparison therefore explains why agencies differ instead of declaring one letter grade “correct.”
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What a credit rating tells you
A credit rating is an agency’s opinion of relative credit risk: the likelihood that an issuer or a particular debt obligation will fail to meet its financial commitments compared with other rated credits. The opinion is forward-looking and can change as the issuer’s finances, industry, economic conditions or debt structure change.
The scope matters. An issuer-level rating is a broad assessment of an entity’s overall creditworthiness. An issue-level rating applies to one obligation and can reflect features such as seniority, collateral, guarantees, maturity and structural subordination. Two ratings that appear to disagree may actually cover different risks if one is an issuer rating and the other is a bond rating.
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Ratings are not a complete investment analysis. S&P Global Ratings states: “Credit ratings do not speak to investment merits.” A rating does not tell you whether a security’s price is attractive, whether it fits your risk tolerance, how liquid it will be, or whether its expected return compensates for its risks.
The five-step comparison method
- Identify exactly what is rated. Record the issuer, the legal entity, the specific security or program, and the rating level (issuer or issue).
- Match the horizon and scale. Compare long-term with long-term and short-term with short-term. Note whether the scale is global or national.
- Decode each agency’s symbols in context. Record the full grade, including modifiers such as a plus, minus or numeric suffix. Do not assume an identical symbol means identical risk.
- Align dates and current status. Capture the assignment or review date, outlook, watch status and any other current designation.
- Compare the reasoning. Read each agency’s rationale and methodology so that differences in assumptions are not mistaken for arbitrary disagreement.
The comparison should be a side-by-side record, not a single “conversion” number. A symbol can be useful shorthand only after these five checks are complete.
1. Match the rated subject: issuer versus obligation
Issuer ratings
An issuer rating addresses the general creditworthiness of a company, government, bank or other legal entity. It is useful when you are comparing the overall financial strength of the same entity across agencies. It does not automatically describe every debt instrument issued by that entity.
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An issue rating applies to a defined obligation. Senior secured, senior unsecured, subordinated, hybrid and structured obligations can have different recovery prospects and payment priorities. A bond’s rating may therefore be higher or lower than the issuer’s general rating.
How to prevent a false disagreement
- Write the exact security identifier or legal description beside each rating.
- Check whether both agencies rate the same tranche, maturity and currency.
- Confirm that one grade is not an issuer opinion while the other is an instrument opinion.
- Note guarantees, collateral and subordination before comparing letters.
If the scopes do not match, keep the observations separate. You can still use both ratings as background, but you cannot attribute the difference solely to agency judgment.
2. Match long-term, short-term and geographic scales
Long-term and short-term ratings
Agencies publish separate long-term and short-term scales. A long-term rating describes credit risk over a longer funding horizon; a short-term rating focuses on near-term obligations. A short-term grade is not a smaller version of a long-term grade, so do not place them in one ranking.
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Moody’s says it issues ratings at both issuer and financial-obligation level on long-term and short-term scales. When collecting data, label the horizon explicitly rather than relying on the appearance of the symbol.
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Global scales are intended for comparisons across markets, while national scales are designed for relative ranking within a particular country. A national-scale grade should not be treated as though it were a global-scale grade from another agency. Record the country and scale name whenever the agency offers more than one framework.
Currency and market context
Where relevant, identify the currency of the obligation and the jurisdiction governing repayment. Sovereign transfer restrictions, local insolvency law and market conventions can affect the meaning of an issue rating. These details do not create a universal conversion; they tell you which rating populations are actually comparable.
3. Read each agency’s symbols on its own scale
Letter grades are category labels, not a shared mathematical language. Start by consulting the definitions published by the agency that assigned the rating, then preserve every modifier in your notes.
| Agency or scale feature | What the published information establishes | How to use it in a comparison |
|---|---|---|
| Moody’s long-term scale | Moody’s uses letter categories and, from Aa through Caa, modifiers 1, 2 and 3. Modifier 1 marks the higher end of a category, 2 the middle and 3 the lower end. | Keep the numeric modifier. Aa1, Aa2 and Aa3 are positions within one broad category, not interchangeable labels. |
| S&P long-term scale | S&P uses plus and minus gradations. BBB− is identified as its lowest investment-grade rating; ratings below BBB− are speculative grade. | Record the plus or minus sign and do not remove the boundary information when comparing with another scale. |
The table describes each scale in its own terms; it is not an equivalence chart. The available information does not establish a comprehensive official mapping for every Moody’s, S&P and Fitch class. Unless an authoritative, case-specific mapping is available, describe the grades separately instead of presenting an exact cross-agency notch.
Investment-grade language
“Investment grade” is a market convention tied to rating-scale boundaries. S&P identifies BBB− as the bottom of its investment-grade range. That statement should not be expanded into a claim that every agency uses identical definitions or that every adjacent symbol has exactly the same default risk across agencies.
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4. Align dates, outlooks and watch status
A rating is a point-in-time observation that is monitored and can change. Write down when each agency assigned, affirmed or reviewed the grade. A comparison that places a newly reviewed rating beside a years-old rating may be describing two different credit conditions.
Status fields to capture
- Action date: the date of the latest assignment, affirmation, upgrade or downgrade.
- Outlook: the agency’s directional view when one is provided.
- Watch or review status: an indication that a rating may be reconsidered, often because a defined event or development is being assessed.
- Effective period: whether the record is current, withdrawn, expired or superseded.
Use the agency’s current rating record to verify status. If one record is stale, mark it as historical and avoid treating it as a live opinion. For a dated article, state the “as of” date beside every live example.
5. Compare the rationale, not only the grade
Agencies can emphasize different analytical factors, apply different methodologies or make different assumptions about future performance. Read the published rationale for each rating and extract the risks that drove the conclusion.
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Build a rationale summary
- List the main strengths cited, such as financial flexibility or a strong business position.
- List the principal risks, such as leverage, refinancing needs, cyclicality or regulatory exposure, but only when the agency’s rationale identifies them.
- Note forward-looking assumptions and the events that could trigger an upgrade or downgrade.
- Identify methodological differences before concluding that two agencies disagree.
This approach explains a one-notch or multi-notch gap in useful terms. One agency may place more weight on liquidity, while another may focus on structural subordination or expected recovery. The grade is the output; the rationale shows the path taken to reach it.
A comparison worksheet that preserves the important differences
For every issuer or security, use one row per agency and record the same fields. The following axes prevent the most common apples-to-oranges errors.
| Axis | Record | Why it matters |
|---|---|---|
| Scope | Issuer or specific issue; legal entity and security description | Different scopes can produce legitimately different ratings. |
| Horizon | Long-term or short-term | The scales answer different time-horizon questions. |
| Scale | Global or national; country where relevant | National rankings are not automatically comparable with global rankings. |
| Agency grade | Full symbol, including plus, minus or numeric modifier | Modifiers show position within a category. |
| Date and status | Latest action date, outlook, watch or review status | Ratings can change; stale records distort the comparison. |
| Stated rationale | Key strengths, risks and trigger conditions | Methodology and assumptions explain differences better than a symbol alone. |
Keep the original wording or a faithful note from each rationale. Do not replace it with an invented “equivalent” grade. If a field is not published, leave that field out of your conclusion rather than guessing.
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How to interpret a split rating
A split rating means agencies have assigned different categories or modifiers to comparable debt. It is a signal to investigate, not proof that one agency is wrong.
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Confirm that both agencies cover the same issuer or obligation, priority, maturity and currency. A senior unsecured bond and a subordinated bond can carry different risk even when issued by the same entity.
Then check timing
Compare action dates and status. A downgrade may have occurred at one agency while another still shows an older affirmation. A watch designation can also indicate that the agencies are evaluating the same event on different schedules.
Finally compare assumptions
Read the rationales for differences in leverage forecasts, liquidity views, industry outlook, recovery expectations or government support assumptions. Document the disagreement in those terms instead of averaging the symbols.
What historical default statistics can and cannot show
S&P Global Ratings reports these historical three-year cumulative default rates: 0.91% for BBB-rated companies, 4.17% for BB-rated companies, 12.41% for B-rated companies and 45.67% for CCC/CC-rated companies. The cited explainer does not state the publication year. These are S&P’s historical figures, not a cross-agency comparison and not a forecast of future defaults.
| S&P rating group | Historical three-year cumulative default rate |
|---|---|
| BBB | 0.91% |
| BB | 4.17% |
| B | 12.41% |
| CCC/CC | 45.67% |
Use such statistics to understand that lower categories have historically been associated with higher default incidence within the publisher’s dataset. Do not transfer the percentages to another agency, period, country, asset class or individual bond without evidence that the populations and methodology match.
Where to verify ratings and obtain consolidated data
Agency records
The agency that assigned a rating is the primary source for its symbol, definitions, action date, outlook, watch status and rationale. Check the current record rather than relying on a cached summary or an old offering document.
Regulatory listings
The U.S. Securities and Exchange Commission’s current Nationally Recognized Statistical Rating Organization (NRSRO) page lists Fitch, Moody’s and S&P among registered agencies, along with other firms. NRSRO registration is a regulatory category; it is not an SEC endorsement, quality ranking or guarantee of accuracy.
Consolidated datasets
S&P Global Marketplace documents an Agency Ratings dataset containing current and historical issuer- and issue-level ratings from S&P, Moody’s and Fitch. Such a service can help professional users assemble a consistent history, but it is optional for a basic comparison. Verify the current product scope, access terms and commercial conditions directly with the provider.
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- Using a simple letter-conversion chart. Fix: treat any mapping as approximate unless an authoritative source supports the exact case, and retain the original symbols.
- Comparing issuer and bond ratings. Fix: match the scope and legal obligation before discussing a difference.
- Mixing long-term and short-term grades. Fix: maintain separate worksheets and conclusions for each horizon.
- Ignoring numeric or plus/minus modifiers. Fix: copy the complete symbol exactly as published.
- Mixing global and national scales. Fix: label the geography and scale beside every grade.
- Using stale ratings. Fix: check the latest action date and current status on the agency’s record.
- Treating a rating as a buy or sell signal. Fix: combine credit-risk analysis with valuation, liquidity, diversification, legal terms and your own objectives.
- Averaging agencies into one score. Fix: present the range and explain the analytical reasons for the spread.
A practical decision framework for readers
Once the records are aligned, use the comparison to answer three separate questions.
Is the evidence comparable?
- Same issuer or same obligation?
- Same long-term or short-term horizon?
- Same global or national scale?
- Dates close enough to describe the same credit conditions?
What does each agency believe?
- What strengths support the grade?
- Which risks could pressure the rating?
- What events would lead to an upgrade, downgrade or review?
What remains outside the rating?
- Price and expected return
- Liquidity and trading costs
- Portfolio concentration and diversification
- Your time horizon, loss tolerance and legal or tax constraints
If the first question produces mismatched records, correct the dataset before interpreting the spread. If the records are comparable but the rationales differ, preserve both views and investigate the assumptions. Only after those steps should a rating range become one input in an investment decision.
Quick Recap
Checklist for a defensible cross-agency comparison
- Name the legal issuer and, when applicable, the exact debt instrument.
- Label each rating as issuer-level or issue-level.
- Separate long-term from short-term ratings.
- Identify the global or national scale and relevant country.
- Copy the full agency-specific symbol and modifier.
- Record the latest action date, outlook and watch or review status.
- Read and summarize each agency’s stated rationale.
- Investigate structural, methodological and timing differences before calling it a disagreement.
- Use historical default statistics only with their original scope and caveats.
- Treat ratings as one measure of relative credit risk, never as a guarantee or a complete investment judgment.
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