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It's on a 100-point scale but the top rank begins at 70%. Kind of like how 90+ is an A or 4.0 in the American system. Tests are designed so that you know 70% of the information from the lecture and assigned or suggested reading. 70% and up is called 'First Class Honours', sometimes written 1H. 60-69% is called 'Second Class Honours, Grade 1', 2H1. 50-59% is 'Second Class Honours, Grade 2', 2H2. 40-49% is 'Third Class Honours', 3H. Below 40% is a fail. The rough conversion is 70+ is an A, 65-70 is an A-/B+, 60-64 is a B, 55-59 is a B-/C+, 50-54 is a C, 45-49 is a C-/D+, 40-44 is a D, and below 40 is an F.
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