Caa3

Definition:

A rating within speculative grade Moody's Long-term Corporate Obligation Rating. Obligations rated Caa3 are judged to be of poor standing and are subject to very high credit risk. Rating one notch higher is Caa2. Rating one notch lower is Ca

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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

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Lapsed option

An option that no longer has any value because it has reached its expiration date without being exercised.

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