# 3ABCDEFGHIJKLMNOPQRSTUVWYZ

Ranking

Denotes where a bond stands in relation to priority claims from a lender upon default by the borrower. Senior debt has a high priority if lenders have to reclaim funds, hence the issue terms can be less onerous for the borrower. Subordinated debt ranks lower down the scale, thus a borrower has to offer a lender more advantageous terms.