The Credit Rating Agency (CRA) of ΙCAP CRIF – News
Change of ICAP CRIF Credit Rating Scale
In order to align with the international standards on rating symbols per category, ICAP CRIF changed the rating scale according to which it assigns Credit Ratings to Corporates/Issuers and Corporate Debt Instruments/Issues.
Following the approvals received from the competent Supervisory Authorities, the new rating scale was entered into force on 6 December 2021.
The amendments introduced only concern the denomination of the rating categories (i.e., symbols), leaving unchanged the number of rating categories, their definition, and the underlying risk profile in terms of defined default rates.
Please refer here for the exact correspondence tables between the previous rating scale and the new one.
Introduction of complementary ratings criteria for corporates with Domestic Operations and Foreign Jurisdiction
In November 2021 ICAP CRIF introduced Complementary Ratings Criteria for the assignment of credit ratings to corporates in the case of domestic operations and foreign jurisdiction registration as well as to the associated corporate debt instruments.
The additional rating criteria enrich the standard ICAP CRIF corporate ratings methodologies with a notching approach which introduces adjustments reflecting sovereign risk and governance features as well as corporate insolvency and restructuring rules applying in the country of jurisdiction.
Assignment of ratings to securitization instruments
The Credit Rating Agency of ICAP CRIF assigned ratings to the senior notes of “Metexelixis” securitisation of Attica Bank and “Cosmos” securitisation of Alpha Bank.