Usually you separate the world of credit into the non-investment rate and the investment rate. The investment rate, in general, is very highly.... The probability of loss is pretty low. The AAAs are the best class in terms of probability of losses in the investment-grade environment. The BBB is still a very good risk, but it's not as good as AAA. That's basically the difference.
On April 30th, 2009. See this statement in context.