Empirical Pricing of Chinese Defaultable Corporate Bonds Based on the Incomplete Information Model

Table 3

Moody’s credit rating standard.

Credit ratings	Aaa	Aa	A	Baa	Ba	B	C
Default probability (%)	<0.02	0.02–0.04	0.04–0.08	0.08–0.2	0.2–1.8	1.8–8.3	>8.3