What is a rating?

A RATING IS AN INDEPENDENT OPINION PROVIDED BY A RATING AGENCY. IT CAN BE ASSIGN TO A COMPANY OR A BOND.

RATING TYPES
ISSUER RATING REQUESTED BY THE COMPANY ISSUE RATING ASSIGNED TO THE BOND
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CRIF RATING SCALE

CRIF'S LONG-TERM ISSUER RATING SCALE COMPRISES 19 RISK CLASSES, FROM "AAA" TO "C" HIGHLIGHTING A PROGRESSIVE INCREASE IN RISK LEVEL OF THE RATED ENTITY. CATEGORY "D" REFERS TO DEFAULT STATUS.

INVESTMENT GRADE SUB-INVESTMENT GRADE
AA+ A+ BBB+ BB+ B+
AAA AA A BBB BB B CCC CC C D
AA- A- BBB- BB- B-
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WHAT ARE RATINGS USED FOR?

  • ACCESSING CAPITAL MARKETS

  • DIVERSIFICATION OF FUNDING SOURCES

  • INTERNATIONAL ACCREDITATION

  • INTERNAL FINANCIAL REGULATION

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HOW ARE RATINGS PRODUCED?

Issuing process step by step

1

FIRST
CONTACT         

6

MANAGEMENT 
MEETING

7

COMMITEE
RESOLUTION

2

FEASIBILITY
ANALYSIS

5

PRELIMINARY
ANALYSIS

8

EVENTUAL
APPEAL

3

MANDATE'S
SIGNATURE

4

COLLECTION OF
INFORMATION

9

FINAL
RATING

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