### Corporate Bonds Trading on Moscow Exchange Thursday
Below are the liquid corporate bonds traded on the Moscow Exchange on Thursday:
- Polus PBO-04 bond (ISIN code: RU000A108L81) +1%
- Borets Capital 001P-05 bond (ISIN code: RU000A10EK71) +0.6%
- AFK Sistema Series 14 bond (ISIN code: RU000A101XN7) +0.5%
All corporate bonds in Russia have ratings. The national rating scale is used, with the highest rating being "AAA" and the lowest being "C". Additionally, there is a "D" rating, which indicates an actual default. Generally, the higher the rating, the more reliable the issuer and, typically, the lower the yield on its bonds.
- **AAA**: These are the most reliable bonds, issued by large systemically important companies, often with state participation.
- **A- to AA+**: These are reliable bonds that are typically invested in by pension funds and other institutional investors.
- **BBB- to BBB+**: These are transitional category bonds issued by companies that may be sensitive to adverse market and economic events (e.g., an increase in the key interest rate).
- **B- to BB+**: These are high-yielding bonds (HY bonds) with high risks and high yields, often issued by small and medium-sized businesses operating in risky sectors.
- **CCC, D**: These bonds are on the brink of default, with 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.