### Liquid Corporate Bonds Traded on Moscow Exchange
Below is a list of liquid corporate bonds currently traded on the Moscow Exchange:
- **RSKH B02-002R bond** (ISIN code: RU000A1068R1) -0.1%
- **Polyus PBO-04 bond** (ISIN code: RU000A108L81) +1.3%
- **Borets Capital 001P-05 bond** (ISIN code: RU000A10EK71) -0.1%
- **AFK Sistema Issue 14 bond** (ISIN code: RU000A101XN7) -0.1%
It is important to note that all corporate bonds have a credit rating. In Russia, a national rating scale is used. The highest rating is "AAA", the lowest is "C", and there is also a "D" rating, which indicates a default. The higher the rating, the more reliable the issuer and typically the lower the yield on its bonds.
- **"AAA"** - The most reliable bonds. These are usually large, systemically important companies, often with state participation.
- **"A-" to "AA+"** - Reliable bonds. These are typically invested in by pension funds and other institutional investors.
- **"BBB-" to "BBB+"** - Transitional category. These may be reliable companies that are sensitive to adverse market and economic events (e.g., an increase in the key interest rate).
- **"B-" to "BB+"** - High-yield issuers (HY). High risks, high yields. These can be small or medium-sized businesses operating in risky sectors.
- **"CCC" and "D"** - Bonds on the brink of default. Maximum risks.
This overview was prepared by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.