description of a high-quality corporate or municipal bond, assigned a rating of AAA to BBB by Standard & Poor's and Fitch's Investors Service. (Moody's Investors Service assigns ratings of Aaa and Baa, respectively.) Investment grade securities are those rated Baa or better or BBB or better. These bonds are considered suitable investments for banks, trust departments, and fiduciaries, such as pension funds. U.S. Treasury securities and federal agency securities are also considered investment quality securities for financial institutions. Bonds rated lower than BBB may often carry a higher yield, but are speculative investments.