Moodys      S&P        Fitch   
Aaa AAA AAA
Aa1 AA+ AA+
Aa2 AA AA
Aa3 AA- AA-
A1 A+ A+
A2 A A
A3 A- A-
Baa1 BBB+ BBB+
Baa2 BBB BBB
Baa3 BBB- BBB-

Ratings below Baa3/BBB- are generally considered to be below investment grade.

Who Are the Bond Insurers?

Claims Paying Ability
Moody's/S&P/Fitch
Insurer
Aa3/AAA/AAA   Financial Security Assurance Inc. (FSA)
Aa2/AAA/AAA   Assured Guaranty
Baa1/BBB+/NR   RADIAN (formerly Asset Guaranty Insurance Co.)
Ba3/A/NR   AMBAC Assurance Corporation
Baa1/AA-/NR   National Public Finance Guarantee (Formerly MBIA of IL)
Ca/CC/NR   SCA (XLCA)
NR/CCC/NR   Financial Guaranty Insurance Company (FGIC)
Ba3/B/NR   CIFG
NR/NR/NR   American Capital Access (ACA)

AMBAC, MBIA, XLCA, FGIC and CIFG are on credit watch for possible downgrade.


Claims Paying Ability Additional Credit Enhancement Entities
Aa3/AA-   QSBLF (MI)
Aa3/AA/AA+   Michigan Transportation Fund
Aaa/AAA   PSF (Texas Public School Fund)
Aa2/AAA   Credit Enhancement Program (MN)










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