Moody's has nine rating categories, from Aaa to C, and S&P has 10 rating categories, from AAA to D. Ratings from Aaa to Baa are regarded investment-graded by Moody's, and ratings from AAA to BBB are deemed investment-graded by S&P. When rating agencies evaluate a credit rating, they also attach a "rating outlook" to each and every rating. "Construc