### Russian Corporate Bonds Performance on Moscow Exchange
Below is a summary of corporate bonds traded on Wednesday at the Moscow Exchange:
- **Polyus PBO-04 (ISIN: RU000A108L81)**: -0.2%
- **Borets Capital Bond 001P-05 (ISIN: RU000A10EK71)**: -0.2%
- **AFK Sistema Issue 14 (ISIN: RU000A101XN7)**: +0.2%
All corporate bonds have a credit rating, which helps investors quickly assess the creditworthiness of the issuer. In Russia, a national rating scale is used. The highest rating is "AAA," and the lowest is "C," with a "D" rating indicating an actual default. Higher ratings generally mean a more reliable issuer and lower bond yields.
- **AAA-rated bonds**: These are the most reliable, issued by large systemically important companies, often with state participation.
- **A- to AA+ rated bonds**: These are reliable securities, commonly invested in by pension funds and other institutional investors.
- **BBB- to BBB+ rated bonds**: This is a transitional category, representing companies that may be sensitive to adverse market or economic events, such as an increase in the key interest rate.
- **B- to BB+ rated bonds**: These are high-yield issuers (HYG) with higher risks and yields, typically small or medium-sized businesses operating in risky sectors.
- **CCC and D rated bonds**: These are near-default, with maximum risks.
This overview was provided by Alexey Grishchenko, Ph.D., Professor of Operational and Sectoral Management at the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.