meaning of alphabet grades

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keannu

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Korean
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South Korea
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As I know, each grade's alphabet means the following. If they are wrong, please let me know.

A(4.0) = Ace
B(3.0) = Better
C(2.0) = Common
D(1.0) = Deficient
F(0) = Fail or Failure?
 
I don't know, but I remember hearing it, maybe I'm mistaken.
 
Aside from "F" for fail, I've never heard these letter to be short for anything at all.
 
I haven't heard this in the UK either. It sounds like something similar to a backronym to me. The only one I have heard is Fail for F.
 
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