### Liquid Corporate Bonds Traded on Moscow Exchange
Below is a list of the most liquid corporate bonds traded on the Moscow Exchange:
- Polus PBO-04 bond (ISIN code: RU000A108L81) -0.3%
- Borets Capital 001P-05 bond (ISIN code: RU000A10EK71) +0.3%
- AFK Sistema Series 14 bond (ISIN code: RU000A101XN7) -0.1%
In Russia, a credit rating scale is used:
- **AAA bonds**: These are the most reliable bonds issued by large systemically important companies, often with state participation.
- **A- to AA+ bonds**: These are reliable bonds that are typically invested in by pension funds and other institutional investors.
- **BBB+ to BBB+ bonds**: This is 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+ bonds**: These are high-yield issuers (HY). Risks are high, as is the yield. These could be small or medium-sized businesses operating in risky sectors.
- **CCC and D bonds**: These bonds are on the brink of default. The risks associated with these bonds are maximum.
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.