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Bonds with issuers that have not received a credit rating from one or more of the major credit rating agencies. A bond may be nonrated for a number of reasons, including simply not wishing to pay the fee to the credit rating agency. A nonrated bond is not necessarily risky, but they cannot be investment-grade.
not rated (NR)
Of or relating to an issue of fixed-income securities that has not been rated by an agency such as Moody's or Standard & Poor's. The fact that an issue is not rated does not necessarily mean the securities are risky. Also called nonrated bonds.