How are ratings produced?

To obtain a rating, the company will:

  1. Get in touch with the Business Development team for a first approach aimed at illustrating the analytical procedures, the specific details of the interaction with the rating analysts, the information requested and confidentiality and regulatory issues. The feasibility of the analytical exercise, the timeframe and the fees are also discussed.
  2. Await the outcome of the filtering analysis to assess the feasibility of the analytical exercise. It covers aspects of morality of the top management and of the Board Members (through public databases and CRIF information services) and the technical feasibility itself. This step is generally concluded within a few days and the outcome of this stage may be positive or negative.
  3. Sign the solicited rating mandate with the agency. Soon after, the company will be placed in contact with the analytical team assigned to it.
  4. Receive the communication that the rating process has been initiated from the allocated analysts with a presentation of the team and the initial requests to send the necessary documents and information.
  5. Begin interaction with the analysts, providing information, clarifications or more detail, within the terms of confidentiality regulated by the rating mandate. This is all done in line with the firewalls required by the European Regulation for the analytical activities, which fall under the responsibilities of the Corporate Ratings Team, and the commercial activities, managed by the Business Development team, as explained to the company by the latter in the introductory interviews.
  6. Organize and participate in plenary meeting (or “management meeting”), normally lasting one full day. This will be led by the analytical team along an agenda of discussion topics that will have been sent in advance to the company.
  7. Wait for the rating decision, voted on by the Rating Committee. Once the result has been communicated, the company has the right to inform the agency about any material errors reported in the Rating Research within the deadline specified by the analysts. The Rating Research contains a description of all the key underlying rating factors, including the strengths and weaknesses.
  8. Be able to exercise its right to appeal the collective decision of the Rating Committee. This can be done only once. At the sole discretion of the agency, the appeal’s request can be accepted, prompting the original proposal to be discussed and voted on by the Rating Committee, or be rejected without reconvening the Committee.
  9. Receive the final version of the Rating Research at the end of the rating issue process.