### Corporate Bonds Traded on Wednesday at Moscow Exchange
Below is a list of corporate bonds traded on Wednesday at the Moscow Exchange:
- Russian Agricultural Bank (ISIN code: RU000A1068R1) +0.2%
- Polus (ISIN code: RU000A108L81) +1.3%
- Borets Capital Bond 001P-05 (ISIN code: RU000A10EK71) -0.1%
- AFK Sistema (ISIN code: RU000A101XN7) -0.6%
All corporate bonds have a credit rating, 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 typically the lower the yield on its bonds.
- **AAA bonds**: These are the most reliable. They are usually large systemically important companies, often with state participation.
- **A- to AA+ bonds**: These are reliable securities. Pension funds and other institutional investors invest in them.
- **BBB- to BBB+ bonds**: This is a 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**: These 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**: These are on the brink of default. The 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 "Higher School of Management" at the Financial University under the Government of the Russian Federation.