English to German Bus/Financial Investment / Securities credit analysis

Taking credit risk is not something that banking institutions are supposed to avoid. In fact, taking credit risk is the business that banks are in and for which they are paid. The objective of the credit analyst, and all the others involved in the credit decision, is to understand, to the extent possible, the kind and amount of credit risk being taken on a particular transaction. It is not always possible to foresee correctly how a particular credit will develop over time. Different institutions cater to different kinds of risks, borrowers, counterparties and financial products. The market for credit instruments is segmented by client size (e.g., large corporate, middle market, small business, and retail), by product type (e.g., bank loans, bonds and derivatives), by industry (e.g., real estate, project finance and financial institutions) and by many other categories. It is important for institutions to be cautious when expanding into credit areas in which they do not already have expertise. *Assessing the credit risk of speculative grade vs. investment grade debt, for example, involves a multitude of credit issues that, when underestimated, can quickly lead to losses.*

Ich habe Probleme mit dem Satz in **, insbesondere mit „assessing speculative grade vs. investment grade debt“.

Sind hier Schuldtitel gemeint, oder Kredite im herkömmlichen Sinn?
Wie könnte man dann „speculative grade“ gut übersetzen?
Wie ist „vs.“ in diesem Zusammenhang zu verstehen?

Danke für die Hilfe!