Present or prospective financial protection factors fluctuate according to industry conditions or company fortunes. Overall quality may move up or down frequently within this category. B- Below investment grade and possessing risk that obligations will not be met when due. Potential exists for frequent changes in the rating within this category or into a higher or lower rating grade. Well below investment grade securities.
Considerable uncertainty exists as to timely payment of principal, interest or preferred dividends.
DD Defaulted debt obligations. DP Preferred stock with dividend arrearages.