S&P long-term rating system

Standard & Poor's long-term rating system has 10 categories (AAA, AA, A, BBB, BB, B, CCC, CC, C and D). The rating is given a + or - to indicate that the company is in the upper or lower end of the category.

The long-term rating relates to borrowings maturing in more than one year.

All of the ratings are supplemented with an "outlook"; this is the rating agency’s opinion on the probable trend in the company’s credit quality. The outlooks are positive (up), stable or negative (down).

S&P short-term rating system

Standard & Poor's short-term rating system has 7 categories: A-1+, A-1, A-2, A-3, B, C and D.

The short-term rating relates to borrowings maturing in less than one year.