Defines a category of bonds rated between BBB for the best and BB for those that are not as good (in terms of expected Solvency ). It splits them into best category bonds, called Investment grade for the BBB and BBB- rated bonds, and into a less illustrious category of bonds, called under-Investment grade for the BB+, and BB rated bonds. So, these bonds must have an average Return that is lower than that of under-Investment grade bonds and higher than that of Investment grade bonds. Their Risk is naturally statistically lower than that of under-Investment grade bonds and higher than that of bonds rated Investment grade. It’s a marketing style segmentation for Investors in bonds. Also called 5 B ( BBB plus BB equals 5 B)

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