### Corporate Bonds Traded on Moscow Exchange on Wednesday
- **Polyus PBO-04 (ISIN: RU000A108L81)** +0.5%
- **Borets Capital Bond 001P-05 (ISIN: RU000A10EK71)** -0.1%
- **AFK Sistema Issue 14 (ISIN: RU000A101XN7)** -0.1%
All corporate bonds have a credit rating that allows investors to quickly assess the creditworthiness of the issuer. In Russia, a national rating scale is used, where the highest rating is "AAA" and the lowest is "C". There is also a "D" rating, which indicates an actual default. Generally, the higher the rating, the more reliable the issuer and the lower the bond yield.
- **AAA bonds** are the most reliable. These are large systemically important companies, often with state participation.
- **A- to AA+ bonds** are reliable securities. They are typically invested in by pension funds and other institutional investors.
- **BBB- to BBB+ bonds** are 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** 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** are on the brink of default. The risks for these securities are the highest.
This overview was presented by Alexey Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management at the "Higher School of Management" Faculty of the Financial University under the Government of the Russian Federation.