It is worthwhile to understand the credentials of Moody's and its country rating mechanism. Moody's is one of the top three global rating firms. It was founded by John Moody in 1909 to produce manuals of statistics related to stocks and bonds and bond ratings. In 1975, the company was identified as a Nationally Recognized Statistical Rating Organization (NRSRO) by the US Securities and Exchange Commission. According to Moody's, the purpose of its ratings is to "provide investors with a simple system of gradation by which future relative credit worthiness of securities may be gauged". To each of its ratings from Aa through Caa, Moody's appends numerical modifiers 1, 2 and 3; the lower the number, the higher-end the rating. Aaa, Ca and C are not modified this way. As Moody's explains, its ratings are "not to be construed as recommendations", nor are they intended to be a sole basis for investment decisions.