BA1/BB+

This is generally one of the lowest investment grade ratings that a ratings agency assigns to a security or insurance carrier. This rating signifies a low to moderate level of risk for investors or policyholders. Entities that are assigned this rating generally possess adequate reserves and are reasonably stable but not as solid as higher-rated securities or carriers.

The ratings assigned by the various ratings agencies are based primarily upon the insurer's or issuer's creditworthiness. This rating can therefore be interpreted as a direct measure of the probability of default. However, credit stability and priority of payment are also factored into the rating.