Rating categories
Fitch, Moody's and S&P further refine their rating categories either by placing a number from 1 to 3 (Moody's) or plus or minus signs (Fitch / S&P) after the letters.
The outlook (positive/stable/negative) attached to the rating indicates the potential short- to medium-term direction of the rating. An outlook is not necessarily a precursor of a change in the rating.
A creditwatch or under review statement (positive/developing/negative) highlights the potential direction of the rating and is used after identifiable events that cause ratings to be placed under special surveillance, e.g. a natural catastrophe with significanct impact, a major merger and acquisition or restructuring where there is temporary uncertainty as to the final outcome.
The outlook (positive/stable/negative) attached to the rating indicates the potential short- to medium-term direction of the rating. An outlook is not necessarily a precursor of a change in the rating.
A creditwatch or under review statement (positive/developing/negative) highlights the potential direction of the rating and is used after identifiable events that cause ratings to be placed under special surveillance, e.g. a natural catastrophe with significanct impact, a major merger and acquisition or restructuring where there is temporary uncertainty as to the final outcome.
Financial-Strength-Rating
| A.M. Best | ||||
|---|---|---|---|---|
| Secure: | A++ / A+ (Superior) | A / A- (Excellent) | B++ / B+ (Very good) | |
| Fitch | ||||
| Secure: | AAA (Exceptionally strong) | AA (Very strong) | A (Strong) | BBB (Good) |
| Moody's | ||||
| Secure: | Aaa (Exceptional) | Aa (Excellent) | A (Good) | Baa (Adequate) |
| S&P | ||||
| Secure: | AAA (Extremely strong) | AA (Very strong) | A (Strong) | BBB (Good) |
Companies with a rating lower than B++/B+ or BBB or Baa are considered "vulnerable" (A.M. Best/Fitch/S&P) or "weak" (Moody's).
Credit-Rating
| A.M. Best | ||||
|---|---|---|---|---|
| Investment- Grade: | aaa (Exceptional) | aa (Very strong) | a (Strong) | bbb (Adequate) |
| Fitch | ||||
| Secure: | AAA (Exceptionally strong) | AA (Very strong) | A (Strong) | BBB (Good) |
| Moody's | ||||
| Investment- Grade: | Aaa (Highest quality) | Aa (High quality) | A (Upper-medium grade) | Baa (Medium-grade) |
| S&P | ||||
| Secure: | AAA (Extremely strong) | AA (Very strong) | A (Strong) | BBB (Good) |
A rating lower than bbb or BBB or Baa indicates "non-investment grade" (A.M. Best/Moody's) or "vulnerable" (Fitch) or "speculative characteristics" (S&P).
Detailed information on the rating of individual Munich Re Group companies as well as general rating categories can be found on the websites of the rating agencies: