Moody's Investors Services Inc. and Standard & Poor's Company publish the ratings of default risk of individual security issues as letter grades.

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Moody's Investors Service and Standard & Poor's (S&P) are two of the most prominent credit rating agencies that assess the creditworthiness of borrowers and assign ratings to their securities, including individual security issues, in the form of letter grades. These ratings reflect the issuer's ability to repay the debt and thus the default risk associated with the security.