...An FCQR, also known as a bond fund rating, is a forward-looking opinion about the overall credit quality of a fixed-income investment fund. FCQRs, identified by the 'f' suffix, are assigned to fixed-income funds, actively or passively managed, typically exhibiting variable net asset values. The ratings reflect the credit risks of the portfolio investments, the level of the fund's counterparty risk, and the risk of the fund management's ability and willingness to maintain current fund credit quality. Unlike traditional credit ratings (e.g., issuer credit ratings), an FCQR does not address a fund's ability to meet payment obligations and is not a commentary on yield levels. An FVR is a forward-looking opinion about a fixed-income investment fund's volatility of returns relative to that of a reference index denominated in the base currency of the fund. The reference index consists of government securities associated with the fund's base currency. Therefore, FVRs are not globally comparable....
