### Liquid Corporate Bonds Traded on Moscow Exchange on Thursday
Below is a list of liquid corporate bonds traded on the Moscow Exchange on Thursday:
- Polyus PBO-04 bond (ISIN code: RU000A108L81) +0.2%
- Borets Capital 001P-05 bond (ISIN code: RU000A10EK71) -0.2%
- AFK Sistema Issue 14 bond (ISIN code: RU000A101XN7) -0.2%
It is important to note that all corporate bonds have a credit rating. In Russia, the national rating scale is used. The highest rating is "AAA", the lowest is "C", and there is also a "D" rating, which indicates an actual default. The higher the rating, the more reliable the issuer and, as a rule, 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, typically invested in by pension funds and other institutional investors.
- **"BBB-" to "BBB+"**: This is a transitional category, which may include reliable companies that are sensitive to adverse market and economic events (e.g., an increase in the key interest rate).
- **"B-" to "BB+"**: These are high-yield issuers (HY), with high risks and high yields. These may be small and medium-sized businesses operating in risky sectors.
- **"CCC" and "D"**: These bonds are on the brink of default, with maximum risks.
This overview was presented by Alexei 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.