What do different credit ratings (AAA, AA, etc.) mean for NCDs?

CRISIL RatingMeaningInvestment Implication
AAAHighest safety, minimal credit risk.Suitable for conservative investors seeking capital protection and stable returns
AAHigh safety, very low credit risk.Balanced choice for those seeking low risk with slightly higher returns than AAA.
AAdequate safety, moderate credit risk.Higher returns but moderate risk, suitable for risk-tolerant investors.
BBBModerate safety, higher credit risk.Higher returns but susceptible to market changes, suitable for moderate-risk investors.
BBModerate risk of default.Higher risk with potentially higher returns; suitable for high-risk investors.
BHigh risk of default.Very speculative, for investors with a high-risk appetite
CVery high risk of defaultExtremely speculative, for those willing to risk a loss
DDefault or expected to default.Avoid investment, as the issuer has failed or is likely to fail on obligations.

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