For Moody's and Standard & Poor's, the first four individual bond-rating categories represent investment-grade securities.

Question

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Moody's and Standard & Poor's use four rating categories to represent investment-grade securities, which are high-quality bonds with a lower risk of default. These categories are typically denoted as AAA, AA, A, and BBB. Bonds rated below BBB are considered non-investment grade or junk bonds, indicating a higher risk of default.

For Moody's and Standard & Poor's, the First Four Individual