A bond rating measures the “creditworthiness” of a bond, as determined by a rating agency. This rating aligns with the specific agency’s view as to how likely it is that the bond issuer will make scheduled payments and repay the debt in full at maturity. Credit ratings dictate the cost of borrowing for issuers. Bond ratings are assigned in the form of letters with pluses or minuses from AA+ or Double A Plus to CCC- or Triple C minus. The highest rating is Triple A. Ratings can be also assigned at various entity levels - e.g. HoldCo, OpCo - and for specific bond issuance from those entities.