|Agency||Long-term rating||Short term rating ||date|
|Moody's||Aa3, negative outlook||P-1||05/12/2012|
|Standard & Poor's||A+, stable outlook||A-1||17/01/2012|
|Fitch ratings||A+, negative outlook||F1||01/07/2013|
Each agency uses its own system in attributing ratings.
Each rating agency uses its own long-term rating scales which have about 10 or so grades. Long-term rating covers debts of over one year.
Agencies include an outlook with each rating: this is the agency's opinion of the evolution in the quality of the company's credit. These outlooks are positive, stable or negative.
Short-term rating scales of the three agencies comprise between 5 and 7 grades. Short-term rating covers debts of less than one year.
Specific events can affect the quality of a company's credit. Agencies then have the possibility of “monitoring” ratings, with a “positive” or “negative” outlook. This can lead the agencies to confirm, raise or lower their rating.
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