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Can 2 senior unsecured bonds from the same obligor have different moody's credit ratings? Or do they both have to have the same rating because they are in the same capital structure? Thanks

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I have never seen a case where they are not rated the same (and almost always if not always pari passu), but obviously anything could be specified in the indenture. –  Brian B Nov 11 '13 at 20:17
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2 Answers 2

Yes, you can have two different ratings. The issuer has one credit rating, but the individual issues, even if they are both senior unsecured/secured with the same maturity, coupon, etc. can have different ratings. The key factor is going to be the structure/provisions of the issue itself. For example, an issue with a sinking fund is going to be viewed as a lower credit risk than an issue without one, even though the two issues could potentially have the same coupon and maturity.

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Based on this documentation from Moodys https://www.moodys.com/sites/products/DefaultResearch/2007300000572017.pdf

this section on p.3 seems to imply that it is possible for 2 senior unsecured bonds from the same obligor to have different ratings:

“In cases where the obligor has several debt issues outstanding at a given priority in the capital structure with different credit ratings, the lowest credit rating is taken as the reference rating.”

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