Sub-investment grade
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1. Credit ratings - bonds - securities.
Sub-investment grade is a range of ratings attributed to a bond (or other security) that is assessed as being speculative (less certain in respect of the preservation of the capital invested) in the opinion of a credit rating agency.
Sub-investment grade is also known as 'non-investment' grade, 'speculative' grade, or sometimes 'spec' grade.
2. Credit ratings - issuers.
A similar general evaluation of an issuer, rather than a particular security.
