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Still, the firm indicated that the rating could be raised to investment grade in the next few years.

Issues below investment grade carry a significant risk that payments will not be made.

Ideally, they want issues that will move up to investment grade in two to five years.

Some of the corporate paper is rated below investment grade.

The county had been rated at less than investment grade since October 1979.

Its credit rating dropped to the low end of investment grade.

While its stock and bonds are still not investment grade, their standing has improved.

Both ratings are almost at the bottom of what is considered investment grade.

"But we don't see that 51 percent-49 percent arrangement as earning an investment grade."

Other rating services already give the bonds an investment grade.