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.

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:
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