Moody's Investor Service as well as Standard and Poor rate not only corporations but countries as well. Most institutional investment firms have rules prohibiting them from buying government bonds issued by countries with a low rating. Only blue-chip (Aaa=light color) and high to medium grade countries (Aa-Baa3=dark) are considered investment grades, all other countries (Ba1 to C) do not even show up on the investors' radar.
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