Standard & Poor's Company, Moody's Investors Service Company and Fitch International Credit Rating Company are also called the three major rating agencies in the world. \x0d\ 1。 Standard & Poor's long-term ratings are mainly divided into two categories: investment grade and speculative grade. Investment grade has the characteristics of high reputation and high investment value, while speculative grade has a low credit degree and the default risk increases step by step. The investment grade is divided into AAA, AA, A, BBB, and the speculative grade is divided into BB, B, CCC, CC, C, D. The credit grade is arranged from high to low, and AAA has the highest credit grade; The lowest level of d is considered a violation of the terms. \x0d\2。 Moody's long-term rating evaluates the issuer's solvency for debts with a maturity of more than one year, and predicts the possibility of default and property loss. Short-term ratings are generally for debts with a maturity of less than one year. \x0d\ Moody's long-term rating * * * is divided into nine levels: aaa, Aa, A, Baa, Ba, B, Caa, Ca and C, among which Aaa debt has the highest credit quality and the lowest credit risk; C-grade debt is the lowest bond grade, and the chances of recovering principal and interest are slim. \x0d\3。 Fitch is slightly smaller than the other two and is the only rating agency controlled by Europe. \x0d\ Fitch's long-term rating is used to measure an entity's ability to repay foreign currency or local currency debts. \x0d\ Fitch's long-term credit rating is divided into investment grade and speculative grade, in which the investment grade includes AAA, AA, A and BBB, while the speculative grade includes BB, B, CCC, CC, C, RD and D. The above credit rating is ranked from high to low, with the highest AAA rating indicating the lowest credit risk; D is the lowest level, indicating that an entity or national sovereignty has defaulted on all financial debts.