### Corporate Bonds Traded on Moscow Exchange on Wednesday
- **Polyus** (ISIN: RU000A108L81, ticker: PBO-04) -0.1%
- **Borets Capital Bond 001P-05** (ISIN: RU000A10EK71) +0.4%
- **AFK Sistema** (ISIN: RU000A101XN7, issue 14) -0.1%
All corporate bonds are rated, which helps investors quickly assess the creditworthiness of the issuer. In Russia, a national rating scale is used. The highest rating is "AAA", the lowest is "C", and there is also a "D" category indicating an actual default. Higher ratings indicate more reliable issuers and typically lower bond yields.
- **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 transitional. These may be reliable companies but are sensitive to adverse market or economic events (e.g., an increase in the key interest rate).
- **B- to BB+ bonds** are high-yielding (HY) issuers. These carry high risks and high yields, typically issued by small or medium-sized businesses operating in risky sectors.
- **CCC and D bonds** are on the brink of default, carrying maximum risks.
Prepared by Alexey Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management, Faculty of "Higher School of Management", Financial University under the Government of the Russian Federation.