Classification of debtors (e.g. companies, banks, governments) or the securities they issue according to their creditworthiness. The ratings are assigned both internally by banks and by specialised rating agencies (e.g. Moody’s, Standard & Poor’s, Fitch) and range in various gradations from AAA (highest credit rating) to D (default or lowest credit rating). The well-known specialised rating agencies usually have ratings for short and long liabilities. Any changes are published regularly.