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Moody's short-term ratings effectively differentiate the default risk. Over a 180-day horizon, P-1 rated issuers historically

have a 0.01% probability of default. The frequency of default rises to 0.04%, 0.20% and 0.86% for P-2,

P-3 and Not Prime issuers, respectively.

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Q: What is moody's P1 rating?
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