### Most Liquid Corporate Bonds Traded on Moscow Exchange
Below is a list of the most liquid corporate bonds traded on the Moscow Exchange:
- RSXB Bond Series BO-02-002R (ISIN code: RU000A1068R1) +0.1%
- Polyus Bond Series PBO-04 (ISIN code: RU000A108L81) +0.1%
- Borets Capital Bond Series 001P-05 (ISIN code: RU000A10EK71) +0.1%
- AFK Sistema Bond Series 14 (ISIN code: RU000A101XN7) +0.1%
In Russia, a credit rating scale is used:
- **AAA Bonds**: These are the most reliable bonds issued by large systemically important companies, often with state participation.
- **A- to AA+ Bonds**: These are reliable bonds typically invested in by pension funds and other institutional investors.
- **BBB+ to BBB+ Bonds**: This is a 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+ Bonds**: These are high-yield issuers (HYE). Risks are high, as is the yield. These can be small and medium-sized businesses operating in risky sectors.
- **CCC and D Bonds**: These bonds are on the brink of default. The risks associated with these bonds are the highest.
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.