Hi
Most of the firms have a release criteria which might look like-
Software release might have some minor bugs whose count is set to a limit - Such issues might be minor UI issues.
Software release may have some major bugs whose count is set to a limit - Attempts are made to make the release free from such bugs but if they still escape through (owing to different reasons) then they should not break the product and there is some work around available to get around them.
Software release should not have any critical bugs - The software would not shipped if any critical bug is found. Such bugs break the product with no workarounds entertained whatsoever.
Again the above mentioned classifications might be off the target and depends on the company and their processes involved.
cheers