### Corporate Bonds Traded on Moscow Exchange on Wednesday
- **Polus PBO-04 (ISIN: RU000A108L81)**: -0.3%
- **Borets Capital Bond 001P-05 (ISIN: RU000A10EK71)**: +0.3%
- **AFK Sistema Issue 14 (ISIN: RU000A101XN7)**: +0.2%
All corporate bonds have a credit rating that helps investors quickly assess the creditworthiness of the issuer. In Russia, a national rating scale is used, where the highest rating is "AAA" and the lowest is "C", with the "D" category indicating an actual default. Higher ratings typically mean lower yields but greater reliability of the issuer.
- **AAA bonds**: These are the most reliable and issued by large systemically important companies, often with state participation.
- **A- to AA+ bonds**: These are reliable securities often invested in by pension funds and other institutional investors.
- **BBB- to BBB+ bonds**: This is a transitional category for companies that may be sensitive to adverse market or economic events (e.g., interest rate hikes).
- **B- to BB+ bonds**: These are high-yield bonds (HY) with higher risks and higher returns, often issued by small or medium-sized businesses in riskier sectors.
- **CCC and D bonds**: These are near-default securities with maximum risks.
This overview was presented by Alexey Grishchenko, Ph.D., Professor of Operational and Sectoral Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.