July 5 (Reuters) - Below is a list of euro zone sovereign ratings currently assigned by Standard & Poor's, Moody's and Fitch. Moody's last month cut its rating for Greek government bonds to junk status. (for story click [ID:nN14210315]) Obligations for which there is the lowest expectation of investment risk. Capacity for timely repayment of principal and interest is substantial, such that adverse changes in business, economic or financial conditions are unlikely to increase investment risk substantially. AA Aa AA Obligations for which there is a very low expectation of investment risk. Capacity for timely repayment of principal and interest is substantial. Adverse changes in business, economic or financial conditions may increase investment risk albeit not very significantly. A A A Obligations for which there is a low expectation of investment risk. Capacity for timely repayment of principal and interest is strong, although adverse changes in business, economic or financial conditions may lead to increased investment risk. BBB Baa BBB Obligations for which there is currently a low expectation of investment risk. Capacity for timely repayment of principal and interest is adequate, although adverse changes in business, economic or financial conditions are more likely to lead to increased investment risk than for obligations in previous categories. --------------- SPECULATIVE GRADE RATINGS -------------------- BB Ba BB Obligations for which there is a possibility of investment risk developing. Capacity for timely repayment of principal and interest exists but is susceptible over time to adverse changes in business, economic or financial conditions. B B B Obligations for which investment risk exists. Timely repayment of principal and interest is not sufficiently protected against adverse changes in business, economic or financial conditions. CCC Caa CCC Obligations for which there is a current perceived possibility of default. Timely repayment of principal and interest is dependent on favourable business, economic or financial conditions. CC Ca CC Obligations which are highly speculative. C C C This rating may be used to cover a situation where a bankruptcy petition has been filed or similar action has been taken, but payments on this obligation are continued. D DDD/DD/D Obligations which are currently in default. Fitch DDD designates the highest potential for recovery of amounts outstanding on any securities involved, and D the lowest recovery potential. ** S&P and Fitch ratings from AA to CCC may be modified by a plus or minus sign to show relative standing within the major rating categories. ** S&P ratings may have an 'r' attached to the ratings of instruments with significant non-credit risks to highlight risks to principal or volatility of expected returns which are not addressed in the credit rating. ** Moody's applies numerical modifiers 1, 2 and 3 in each generic rating classification from Aa through B. Modifier 1 indicates the obligation is ranked at the higher end of its generic rating. (Compiled by Marc Jones; editing by John Stonestreet)

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