Standard & Poor's
• AAA Very high capacity to pay the debt
• AA High capacity to pay the debt
• A Strong capacity to pay the dedb, which could be conditioned by adverse events.
• BBB Sufficient ability to repay, that it might get worse.
• BB,B Mainly speculative debt
• CCC, CC Highly speculative debt
• D Insolvent company
MOODY's
• Aaa Minimum level of risk
• Aa High quality debt
• A Good quality debt but su jet to future risk
• Baa Medium protection level
• Ba Debt with a certain amount of risk
• B Little chance of payment debt
• Caa, Ca, C Insolvent company
SGR
Asset management companies ( Sgr) are joint-stock companies with registered office and head office in Italy, authorized to the collective portfolio management.
That is, the Sgr manages the fund' assets, choosing the stocks to be bought and sold, the liquid assets investment, the composition of portfolio and the distribution of investment between risky and risk-free assets.
In addition to the collective management, it may carry out an individual management ( asset management).
Before starting it must receive the authorization of the Bank of Italy, after consulting Consob.
