bond rating vs evaluation

bond rating and evaluation both are nouns.

Word	Noun	Adjective	Verb	Adverb
bond rating	Yes	No	No	No
evaluation	Yes	No	No	No

As nouns, evaluation is a hypernym of bond rating; that is, evaluation is a word with a broader meaning than bond rating:

bond rating: an evaluation by a rating company of the probability that a particular bond issue will default
evaluation: an appraisal of the value of something

Other hypernyms of bond rating include rating, valuation.

bond rating (noun)	evaluation (noun)
an evaluation by a rating company of the probability that a particular bond issue will default	act of ascertaining or fixing the value or worth of
	an appraisal of the value of something