What is the projected default risk for different bond ratings?

Does anyone know where there's a table that shows the expected default risk given a particular rating by the different ratings agencies?

Just how much riskier is AA than AAA or BB than BBB?

Thanks!

There is a table here that shows the percentage of bonds downgraded from one rating to another, on 5-year corporate bonds, and the default rates on them from 1970-2001

And a paper that has a table comparing ratings and default rates.

AAA: almost zero default probability
AA: very low probability (less than 0.1%)
A: low probability of default (about 0.15%)
BBB: low/medium probability of default (lowest investment grade) (about 0.3%)
BB: medium probability of default (about 1.2%)
B: high probability of default (about 3.5%)
C: very high, about 13% probability of default.

I don't know where this (default rate) would be either. But with all the investment books out there, must be in one of them.
I do remember seeing that the expected default rate on BBB (investment grade) bonds was 5%.

Going from AAA to AA is almost double the risk. BB sounds like a pretty good grade from your schoolteacher. In bonds it's a nightmare.

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