 In 2008–09, A grades (A+, A, A−) accounted for 39.7% of grades in undergraduate courses across the University, the first time that A grades have fallen below 40% since the policy was approved.The results were in marked contrast to those from 2002–03, when As accounted for a high of 47.9% of all grades.Deflation has varied by division, with the social sciences and natural sciences largely holding steady for the last four years.