Moody's ( sovereign risk down), page-15

I suppose understandably some here thought the Moody's re-rate was for the better (bigger number) when it was actually for the worse. Some will have egg on their face after after that mistake...

here is a cut and paste from Wiki showing full table from good to bad (top to bottom for those who struggle)

Gone from... medium grade, with some speculative elements and moderate credit risk.
To................ Judged to have speculative elements and a significant credit risk.

Long-term ratings Short-term ratings
Aaa Rated as the highest quality and lowest credit risk. Prime-1
Best ability to repay short-term debt
Aa1 Rated as high quality and very low credit risk.
Aa2
Aa3
A1 Rated as upper-medium grade and low credit risk.
A2 Prime-1/Prime-2
Best ability or high ability to repay short term debt
A3
Baa1 Rated as medium grade, with some speculative elements and moderate credit risk. Prime-2
High ability to repay short term debt
Baa2 Prime-2/Prime-3
High ability or acceptable ability to repay short term debt
Baa3 Prime-3
Acceptable ability to repay short term debt
Speculative grade
Rating Long-term ratings Short-term ratings
Ba1 Judged to have speculative elements and a significant credit risk. Not Prime
Do not fall within any of the prime categories
Ba2
Ba3
B1 Judged as being speculative and a high credit risk.
B2
B3
Caa1 Rated as poor quality and very high credit risk.
Caa2
Caa3
Ca Judged to be highly speculative and with likelihood of being near or in default, but some possibility of recovering principal and interest.
C Rated as the lowest quality, usually in default and low likelihood of recovering principal or interest.

We did not need this...not good!