### Corporate Bonds Traded on Moscow Exchange on Wednesday
- Polus PBO-04 (ISIN: RU000A108L81) -0.7%
- Borets Capital Bond 001P-05 (ISIN: RU000A10EK71) -1.3%
- AFK Sistema Issue 14 (ISIN: RU000A101XN7) -0.1%
All corporate bonds have a credit rating that 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 an actual default. The higher the rating, the more reliable the issuer and, generally, 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. They are typically invested in by pension funds and other institutional investors.
- **BBB- to BBB+ bonds**: These are transitional category bonds. They may be issued by 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-yielding issuers (HY). The risks are high, as is the yield. These may be small or medium-sized businesses operating in risky sectors.
- **CCC and D bonds**: These are on the brink of default. The risks for these bonds are maximum.
This overview was presented by Alexey Grishchenko, Ph.D., 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.