A Rating is an independent opinion of the agency. There are two main types of rating:
- Issuer Rating, which is a rating assigned to the company. The rating provides an independent opinion on the ability and willingness of the issuer to meet its financial obligations fully and timely.
- Issue Rating, which is a rating assigned to the security. It expresses the agency’s opinion on the probability that an issue that has been issued or is to be issued will be fully and timely repaid at the due maturity. It is backed by recovery estimates.
The agency assigns long-term and short-term ratings.
The issuer and issue ratings may be:
- Solicited, when the rating is requested and paid for by the issuer. It is delivered privately and confidentially and can be converted into a public rating at the issuer’s request.
- Unsolicited, when the rating is requested and paid for by a third party other than the rated entity. It is delivered privately and confidentially to the third party and communicated in advance to the rated entity. Unsolicited ratings can also be issued upon the agency’s initiative in accordance with the EU Regulation currently in place.