An opinion about repayment
A credit rating expresses an agency’s opinion about repayment of a particular debt obligation. It does not make the bond suitable for everyone or remove the possibility of loss.
Check the rating for the exact bond
Identify the exact ISIN, agency, rating date and outlook. Read the rationale for the rating and any later updates. Different instruments from the same issuer can have different contractual protections; an issuer name alone is not enough.
A displayed rating may be out of date. Missing, withdrawn and current ratings are different states. If the source does not supply a rating, do not assume the bond is either unrated or safe.
Other questions still matter
Credit ratings are not buy, hold or sell recommendations. They do not resolve all questions about market price, liquidity or interest-rate exposure. Consider those separately, along with the bond’s terms and the original documents.