Ability and willingness of a bond issuer (e.g., a company) or other borrower to repay funds.

Creditworthiness provides an indication of a borrower's quality. For example, a bond issuer receives a high credit rating when it fulfills its obligations with respect to making interest payments, and when there is a high probability that it will be able to repay the face value of the bond. Assessing the creditworthiness of bond issuers is often undertaken by rating agencies, the most prominent of which are Moody's and Standard & Poor's.

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