### Liquid Corporate Bonds Traded on Moscow Exchange Thursday
Here are the liquid corporate bonds traded on the Moscow Exchange on Thursday:
- Polyus PBO-04 bond (ISIN code: RU000A108L81) +0.4%
- Borets Capital 001P-05 bond (ISIN code: RU000A10EK71) +0.4%
- AFK Sistema Issue 14 bond (ISIN code: RU000A101XN7) +0.5%
All corporate bonds in Russia have a credit rating. The national rating scale is used, with the highest rating being "AAA" and the lowest being "C". There is also a "D" rating, which indicates an actual default. The higher the rating, the more reliable the issuer, and typically, the lower the yield on its bonds.
- **"AAA"**: The most reliable bonds, issued by large systemically important companies, often with state participation.
- **"A-" to "AA+"**: Reliable bonds, favored by pension funds and other institutional investors.
- **"BBB-" to "BBB+"**: Transitional category, including companies that may be sensitive to adverse market or economic events (e.g., an increase in the key interest rate).
- **"B-" to "BB+"**: High-yield issuers (HY). These carry high risks but also high returns, often small or medium-sized businesses operating in risky sectors.
- **"CCC" and "D"**: Bonds on the brink of default, with maximum risks.
This overview was presented by Alexey Grishchenko, Ph.D., Professor of Operational and Sectoral Management at the Higher School of Management, Financial University under the Government of the Russian Federation.