"Grade Bond" 不是个名词, 但 “ A grade bond" 是指信用比较高档的债券, 相对也就是风险较低,比较保险债券。A Grade 又有细分: AAA, AA+, AA, AA-... 等
几个评估公司对各种债券风险评估等级的细分见下表
| Moody's | S&P | Fitch | |
| Long-term | Short-term | Long-term | Short-term | Long-term | Short-term | |
| Aaa | P-1 | AAA | A-1+ | AAA | F1+ | Prime |
| Aa1 | AA+ | AA+ | High grade |
| Aa2 | AA | AA |
| Aa3 | AA- | AA- |
| A1 | A+ | A-1 | A+ | F1 | Upper medium grade |
| A2 | A | A |
| A3 | P-2 | A- | A-2 | A- | F2 |
| Baa1 | BBB+ | BBB+ | Lower medium grade |
| Baa2 | P-3 | BBB | A-3 | BBB | F3 |
| Baa3 | BBB- | BBB- |
| Ba1 | Not prime | BB+ | B | BB+ | B | Non-investment grade
speculative |
| Ba2 | BB | BB |
| Ba3 | BB- | BB- |
| B1 | B+ | B+ | Highly speculative |
| B2 | B | B |
| B3 | B- | B- |
| Caa1 | CCC+ | C | CCC | C | Substantial risks |
| Caa2 | CCC | Extremely speculative |
| Caa3 | CCC- | In default with little
prospect for recovery |
| Ca | CC |
| C |
| C | D | / | DDD | / | In default |
| / | DD |
| / | D
|