Answer: Baa3

## Explanation Moody's credit rating scale for investment grade bonds: **Investment Grade (from highest to lowest):** - Aaa - Aa1, Aa2, Aa3 - A1, A2, A3 - **Baa1, Baa2, Baa3** (lowest investment grade) **Non-Investment Grade (Speculative Grade):** - Ba1, Ba2, Ba3 - B1, B2, B3 - Caa1, Caa2, Caa3 - Ca - C Therefore, **Baa3** is the lowest tier of investment grade credit rating by Moody's. Ba1 and Ba3 are speculative/non-investment grade ratings.

Author: LeetQuiz .