### Most Liquid Corporate Bonds Traded on Moscow Exchange
Below is a list of the most liquid corporate bonds currently traded on the Moscow Exchange:
- Polus PBO-04 bond (ISIN code: RU000A108L81) +0.2%
- Borets Capital 001P-05 bond (ISIN code: RU000A10EK71) +0.1%
- AFK Sistema issue 14 bond (ISIN code: RU000A101XN7) -0.2%
In Russia, a credit rating scale is used to assess the reliability of bonds:
- **AAA-rated bonds** are the most reliable. These are usually large systemically important companies, often with state participation.
- **A- to AA+ rated bonds** are considered reliable. They are typically invested in by pension funds and other institutional investors.
- **BBB+ to BBB+ rated bonds** fall into a transitional category. These may be reliable companies that are sensitive to adverse market or economic events (e.g., an increase in the key interest rate).
- **B+ to BB+ rated bonds** are high-yield issuers (HY). They carry higher risks but also offer higher returns. These could be small or medium-sized businesses operating in risky sectors.
- **CCC and D rated bonds** are on the brink of default. The risks associated with these bonds are the highest.
This overview was provided by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the "Higher School of Management" Faculty at the Financial University under the Government of the Russian Federation.