### Most Liquid Corporate Bonds on Moscow Exchange
Below is a list of the most liquid corporate bonds traded on the Moscow Exchange:
- **Polyus PBO-04 bond (ISIN code: RU000A108L81)**: -1.6%
- **Borets Capital 001P-05 bond (ISIN code: RU000A10EK71)**: -0.3%
- **AFK Sistema Issue 14 bond (ISIN code: RU000A101XN7)**: +0.1%
In Russia, a credit rating scale is used to classify bonds:
- **AAA-rated bonds**: These are the most reliable and are typically issued by large, systemically important companies, often with state participation.
- **A- to AA+ rated bonds**: These are considered reliable and are often invested in by pension funds and other institutional investors.
- **BBB+ to BBB rated bonds**: This is a transitional category, representing companies that may be sensitive to adverse market or economic events (e.g., interest rate hikes).
- **B+ to BB rated bonds**: These are high-yielding bonds with higher risks. They are often issued by small or medium-sized businesses operating in riskier sectors.
- **CCC and D rated bonds**: These bonds are at the brink of default, carrying the highest level of risk.
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.