Understanding Ratings


The KBRA Fund Rating (KFR) applies only to investment funds. KFRs are not traditional credit ratings and are differentiated from long-term credit and issuer ratings by the usage of a distinct ‘kf’ subscript. A KFR does not provide an indication of performance as it relates to returns, as measured versus peers, volatility or yield. A KFR measures the quality of a fund's underlying portfolio and the ability of the management team to deploy a fund’s investment strategy, as follows (Additional details are available in our Investment Funds Global Rating Methodology):

A downloadable version of our Rating Scales and Services can be accessed here.

AAAkfDescribes funds of the highest quality.
AAkfDescribes funds of very high quality.
AkfDescribes funds of high quality.
BBBkfDescribes funds of medium quality.
BBkfDescribes funds of low quality.
BkfDescribes funds of very low quality.
CCCkfDescribes funds of extremely weak quality.
CCkfDescribes funds of exceedingly weak quality.
CkfDescribes funds of weakest quality.
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