<Table> <Tr> <Th_colspan="3"> Estimated spreads and default rates by rating grade </Th> </Tr> <Tr> <Th> Rating </Th> <Th> Basis point spread </Th> <Th> Default rate </Th> </Tr> <Tr> <Td> AAA / Aaa </Td> <Td> 43 </Td> <Td> 0.18% </Td> </Tr> <Tr> <Td> AA / Aa2 </Td> <Td> 73 </Td> <Td> 0.28% </Td> </Tr> <Tr> <Td> </Td> <Td> 99 </Td> <Td> n / a </Td> </Tr> <Tr> <Td> BBB / Baa2 </Td> <Td> 166 </Td> <Td> 2.11% </Td> </Tr> <Tr> <Td> BB / Ba2 </Td> <Td> 299 </Td> <Td> 8.82% </Td> </Tr> <Tr> <Td> B / B2 </Td> <Td> 404 </Td> <Td> 31.24% </Td> </Tr> <Tr> <Td> CCC </Td> <Td> 724 </Td> <Td> n / a </Td> </Tr> <Tr> <Th_colspan="3"> Sources: Basis spread is between US treasuries and rated bonds over a 16 - year period; Default rate over a 5 - year period, from a study by Moody's investment service </Th> </Tr> </Table> <Tr> <Th_colspan="3"> Estimated spreads and default rates by rating grade </Th> </Tr> <Tr> <Th> Rating </Th> <Th> Basis point spread </Th> <Th> Default rate </Th> </Tr> <Tr> <Td> AAA / Aaa </Td> <Td> 43 </Td> <Td> 0.18% </Td> </Tr>

Role of credit rating agencies in capital market