### Liquid Corporate Bonds Traded on Moscow Exchange on Thursday
Below is a list of liquid corporate bonds traded on the Moscow Exchange on Thursday:
- Russian Agricultural Bank bond series BO-02-002R (ISIN code: RU000A1068R1) -0.1%
- Polus bond series PBO-04 (ISIN code: RU000A108L81) -0.6%
- Borets Capital bond series 001P-05 (ISIN code: RU000A10EK71) +0.1%
- AFK Sistema bond series 14 (ISIN code: RU000A101XN7) +0.1%
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" category, which indicates an actual default. Therefore, the higher the rating, the more reliable the issuer and, as a rule, 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 (HYE). These bonds carry high risks but also high yields. They may be issued by small or medium-sized businesses operating in risky sectors.
- **"CCC" and "D"**: These bonds are on the brink of default, carrying maximum risks.
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.