Moody's Investors Services Inc. and Standard & Poor's Company rate individual security issues according to their perceived probability of default, based on the borrower's financial condition and business prospects.

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Moody's Investors Service Inc. and Standard & Poor's (S&P) are credit rating agencies that assess the creditworthiness of borrowers, including corporations and governments, by rating their debt securities based on the perceived risk of default. This involves analyzing the borrower's financial condition, business prospects, and other relevant factors.