### Corporate Bonds Traded on Moscow Exchange on Wednesday
- **RSKH BO-02-002R** (ISIN: RU000A1068R1) +0.1%
- **Polyus PBO-04** (ISIN: RU000A108L81) +0.4%
- **Borets Capital Bond 001P-05** (ISIN: RU000A10EK71) +0.3%
- **AFK Sistema Issue 14** (ISIN: RU000A101XN7) +0.2%
All corporate bonds are rated, which helps investors quickly assess the creditworthiness of the issuer.
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 actual default. The higher the rating, the more reliable the issuer and, as a rule, the lower the yield on its bonds.
- **AAA bonds** are the most reliable. These are large systemically important companies, usually with state participation.
- **A- to AA+ bonds** are reliable securities. Pension funds and other institutional investors invest in them.
- **BBB- to BBB+ bonds** are transitional category. These can be reliable companies that are sensitive to adverse market and economic events (e.g., an increase in the key interest rate).
- **B- to BB+ bonds** are high-yield issuers (HY). Risks are high, as is the yield. These may be small and medium-sized businesses operating in risky sectors.
- **CCC and D bonds** are on the brink of default. Risks for these securities are maximum.
This overview was presented 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.