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ICAP CRIF Credit Ratings<\/h2>\n
[\/vc_column_text][vc_separator type=”small” position=”left” color=”#e46302″ up=”7″ down=”34″][vc_column_text]Pursuant to its institutional role as a Credit Rating Agency, ICAP CRIF S.A. assigns Credit Ratings issued through an established and well-defined rating system, with rating categories that may be used for \u00a0regulatory purposes, i.e. for specific purposes of compliance with EU law, or EU law as implemented by the national law of EU Member-States.<\/p>\n
<\/p>\n
The credit ratings assigned by ICAP CRIF S.A. are accepted by the European Central Bank and the Bank of Greece, in the context of implementation of the Eurosystem, and are additionally used for the purpose of calculating the capital requirements of Greek credit institutions.<\/p>\n
<\/p>\n
They comply with the requirements of Regulation (EC) 1060\/2009 of the European Parliament and of the Council of 16 September 2009 on Credit Rating Agencies, as amended and in force.<\/p>\n
<\/p>\n
Under this Regulation, ICAP CRIF S.A. applies strictly prescribed procedures, methodologies and policies that ensure its compliance with the regulatory framework and the assignment of credit ratings governed by the principles of integrity, reliability, transparency, and independence.<\/p>\n
ICAP CRIF S.A. provides the following types of Credit Ratings:[\/vc_column_text]
\n\n\t \n Read more <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n\n \n [vc_column_text]<\/p>\n<\/h3>\n
<\/p>\n
1. Corporate<\/strong> Credit Ratings. These concern:<\/h3>\n <\/p>\n
Non-Financial sector Corporates<\/strong><\/h4>\nThe purpose of Corporate Credit Rating is to assess the creditworthiness of reviewed enterprises in relation to their probability of default and\/or bankruptcy over a period of one year. This results from the review of data based on a pre-defined statistical system and additional detailed material information by a Ratings Analyst.<\/p>\n
<\/p>\n
It is captured on a ten-point scale<\/a> (AAA, AA, A, BBB, BB, B, CCC, CC, C & D). The closer the company’s classification is to higher credit ratings (AAA-BBB), the lower the probability of default and\/or bankruptcy.<\/p>\n <\/p>\n
Using nine different credit models, ICAP CRIF incorporates the guidelines of the Basel Committee and of the EU (assessment of economic cycle elements, weighted assessment of the probability of default based on historical data, etc.) to assess the characteristics of companies, classify them in Credit Rating Zones and predict their probability of default (PD).<\/p>\n
<\/p>\n
The business perimeter to which ICAP CRIF assigns Credit Ratings also includes Companies operating in Special Activities, Holding Companies and Real Estate Investment Companies (REIC).<\/p>\n
<\/p>\n
Corporate Debt Instruments<\/strong><\/h4>\nICAP CRIF\u2019s Credit Rating of Corporate Debt Instruments (bonds, notes and loans) expresses the instruments\u2019 probability of default, i.e. the probability that either the Issuer will not be able to meet its credit obligations, or the instrument-specific default clauses are enforced.<\/p>\n
<\/p>\n
The methodology applied combines the ICAP CRIF corporate ratings with a notching approach which reflects the recovery expectations in the event of default.\u00a0 Special attention is paid to structural credit enhancements such as guarantees, cash reserves, collaterals and specially arranged security provisions in transactions that affect recovery expectations.<\/p>\n
<\/p>\n
The corporate debt instrument rating scale<\/a>\u00a0follows the corporate credit rating scale, but with intermediate categories (notching).<\/p>\n <\/p>\n
2. Credit Ratings in Structured Finance Instruments<\/strong><\/h3>\nICAP CRIF rates Notes of Asset Backed Securities, including Securitizations of Performing or non-Performing Credit Exposures and Securitizations of Trade Credit Receivables, granted either to legal entities or natural persons. The service is specialized depending on the type of receivables, covering the whole range of credit (Secured or Unsecured, Consumer Loans, Mortgage Loans, Corporate Loans, Leasing, etc.).<\/p>\n
The Credit Rating reflects the level of confidence that the instrument will fulfill its contractual obligations, fully and on time.<\/p>\n
To determine this level of confidence, ICAP CRIF has developed a methodological approach that combines both quantitative and qualitative factors, which capture the risk characteristics of the underlying asset portfolio, the transaction structure, the legal risks, the counterparty risks, as well as the performance of the Servicer and all parties involved.<\/p>\n
ICAP CRIF’s methodology for estimating expected losses (EL) is based on an innovative generalization of the Vasicek credit loss distribution, in order to determine in detail, the probability of extreme loss events, estimating recovery rates and taking into account macroeconomic factors.
\nThe rating scale<\/a> of Structured Finance Instruments Ratings is nine-grade with intermediate categories (notching).<\/p>\n <\/p>\n
<\/p>\n
Categories of Credit Ratings<\/strong><\/p>\n <\/p>\n
ICAP CRIF Credit Ratings are divided into two main categories.<\/p>\n
<\/p>\n
\n- Unsolicited<\/strong> Credit<\/strong> Ratings<\/strong> are ratings issued at the request of a client other than the rated Corporate \/Issuer of Corporate Debt Instrument\/ Issuer of Structured Finance Instrument.<\/li>\n
- Solicited<\/strong> Credit<\/strong> Ratings<\/strong><\/a> are ratings issued at the request of the rated Corporate \/Issuer of Corporate Debt Instrument\/ Issuer of Structured Finance Instrument.<\/li>\n<\/ol>\n
[\/vc_column_text] <\/div>\n<\/div><\/div>[\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” background_color=”#ffffff” css=”.vc_custom_1594640466638{background-color: #f6f6f6 !important;}” z_index=”” padding_top=”87″ padding_bottom=”25″][vc_column width=”2\/3″][vc_column_text]<\/p>\n
Regulatory Framework<\/strong><\/h2>\n[\/vc_column_text][vc_separator type=”small” position=”left” color=”#e46302″ up=”7″ down=”34″][vc_column_text]Pursuant to the operating framework for Credit Rating Agencies as set out in Regulation 1060\/2009 of the European Parliament and of the Council of 16 September 2009, ICAP CRIF publishes recent years\u2019 Transparency Reports, the Code of Conduct, as well as other policies applied and information material for compliance with the above Regulation.<\/p>\n
<\/p>\n
Transparency Reports<\/strong><\/p>\n\n- Transparency Report 2022<\/a><\/li>\n
- Transparency Report 2021<\/a><\/li>\n
- Transparency Report 2020<\/a><\/li>\n
- Transparency Report 2019<\/a><\/li>\n
- Transparency Report 2018<\/a><\/li>\n
- Transparency Report 2017<\/a><\/li>\n<\/ul>\n
<\/p>\n
Macroeconomics Impact on Default Rates<\/strong><\/a><\/p>\nCode of Conduct<\/strong><\/a><\/p>\nConflicts of Interest Policy<\/strong><\/a><\/p>\nDisclosures Policy<\/strong><\/a><\/p>\nList of Rated Entities contributing more than 5% in ICAP CRIF’s Revenues<\/strong><\/a><\/p>\nAncillary Services<\/strong><\/a><\/p>\n <\/p>\n
In compliance with the requirements of Point 6, Section D, Annex I of the amended Regulation (EC) No 1060\/2009 of the European Parliament and the Council on Credit Rating Agencies and ESMA\u2019s Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings (ESMA80-416-203<\/a>), please see here<\/strong><\/a> information about the entities and debt instruments that have been submitted to ICAP CRIF for their initial review or for preliminary rating.<\/p>\nThe information is related to Initial Reviews and Preliminary Ratings which were carried out from 1 July 2022 onwards.[\/vc_column_text][\/vc_column][vc_column width=”1\/3″][vc_single_image image=”19187″ img_size=”full” alignment=”right” qode_css_animation=”element_from_right”][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” background_color=”#ffffff” css=”.vc_custom_1619612621304{background-color: #ffffff !important;}” z_index=”” padding_top=”87″ padding_bottom=”87″][vc_column width=”1\/3″][vc_single_image image=”19187″ img_size=”full” alignment=”right” qode_css_animation=”element_from_right”][\/vc_column][vc_column width=”2\/3″][vc_column_text]<\/p>\n
Public Consultation on the revision of quantitative models assessing the creditworthiness of companies with unavailable financial data<\/strong><\/h2>\n[\/vc_column_text][vc_separator type=”small” position=”left” color=”#e46302″ up=”7″ down=”34″][vc_column_text]In the context of the regular updating of the models for the assessment of credit risk and with the aim of permanently ensuring methodologies that are valid, systematic, and continuous, the Internal Review Function (IRF) of ICAP CRIF proposed the revision of the quantitative models that estimate the creditworthiness of companies falling in the class of those with unavailable financial data. After the acceptance of the proposal and the completion of the relevant analysis, on 29 May 2023 ICAP CRIF launched to public consultation the new methodology, in accordance with the requirements of the amended Regulation 1060\/2009 for Credit Rating Agencies.
\nThe public consultation closed on 29 June 2023 and no comments were received. Listed below are:<\/p>\n
<\/p>\n
\n- The document with the proposed changes to the credit risk models, that can be viewed by clicking here<\/a><\/li>\n
- The document with the key assumptions, validation checks and impact on results of the new methodology that ICAP CRIF intends to adopt can be viewed by clicking here<\/a><\/li>\n<\/ul>\n
[\/vc_column_text][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” background_color=”#ffffff” css=”.vc_custom_1619612621304{background-color: #ffffff !important;}” z_index=”” padding_top=”87″ padding_bottom=”87″][vc_column width=”1\/3″][vc_single_image image=”19187″ img_size=”full” alignment=”right” qode_css_animation=”element_from_right”][\/vc_column][vc_column width=”2\/3″][vc_column_text]<\/p>\n
Credit Rating Assignment Methodologies<\/strong><\/h2>\n[\/vc_column_text][vc_separator type=”small” position=”left” color=”#e46302″ up=”7″ down=”34″][vc_column_text]Pursuant to the operating framework for Credit Rating Agencies as set out in Regulation 1060\/2009 of the European Parliament and of the Council of 16 September 2009, ICAP CRIF publishes the Credit Rating Assignment Methodologies followed and the ICAP CRIF Credit Rating Scales.<\/p>\n
<\/h3>\n
<\/p>\n
1. Corporate<\/strong> Credit Ratings. These concern:<\/h3>\n <\/p>\n
Non-Financial sector Corporates<\/strong><\/h4>\nThe purpose of Corporate Credit Rating is to assess the creditworthiness of reviewed enterprises in relation to their probability of default and\/or bankruptcy over a period of one year. This results from the review of data based on a pre-defined statistical system and additional detailed material information by a Ratings Analyst.<\/p>\n
<\/p>\n
It is captured on a ten-point scale<\/a> (AAA, AA, A, BBB, BB, B, CCC, CC, C & D). The closer the company’s classification is to higher credit ratings (AAA-BBB), the lower the probability of default and\/or bankruptcy.<\/p>\n <\/p>\n
Using nine different credit models, ICAP CRIF incorporates the guidelines of the Basel Committee and of the EU (assessment of economic cycle elements, weighted assessment of the probability of default based on historical data, etc.) to assess the characteristics of companies, classify them in Credit Rating Zones and predict their probability of default (PD).<\/p>\n
<\/p>\n
The business perimeter to which ICAP CRIF assigns Credit Ratings also includes Companies operating in Special Activities, Holding Companies and Real Estate Investment Companies (REIC).<\/p>\n
<\/p>\n
Corporate Debt Instruments<\/strong><\/h4>\nICAP CRIF\u2019s Credit Rating of Corporate Debt Instruments (bonds, notes and loans) expresses the instruments\u2019 probability of default, i.e. the probability that either the Issuer will not be able to meet its credit obligations, or the instrument-specific default clauses are enforced.<\/p>\n
<\/p>\n
The methodology applied combines the ICAP CRIF corporate ratings with a notching approach which reflects the recovery expectations in the event of default.\u00a0 Special attention is paid to structural credit enhancements such as guarantees, cash reserves, collaterals and specially arranged security provisions in transactions that affect recovery expectations.<\/p>\n
<\/p>\n
The corporate debt instrument rating scale<\/a>\u00a0follows the corporate credit rating scale, but with intermediate categories (notching).<\/p>\n <\/p>\n
2. Credit Ratings in Structured Finance Instruments<\/strong><\/h3>\nICAP CRIF rates Notes of Asset Backed Securities, including Securitizations of Performing or non-Performing Credit Exposures and Securitizations of Trade Credit Receivables, granted either to legal entities or natural persons. The service is specialized depending on the type of receivables, covering the whole range of credit (Secured or Unsecured, Consumer Loans, Mortgage Loans, Corporate Loans, Leasing, etc.).<\/p>\n
The Credit Rating reflects the level of confidence that the instrument will fulfill its contractual obligations, fully and on time.<\/p>\n
To determine this level of confidence, ICAP CRIF has developed a methodological approach that combines both quantitative and qualitative factors, which capture the risk characteristics of the underlying asset portfolio, the transaction structure, the legal risks, the counterparty risks, as well as the performance of the Servicer and all parties involved.<\/p>\n
ICAP CRIF’s methodology for estimating expected losses (EL) is based on an innovative generalization of the Vasicek credit loss distribution, in order to determine in detail, the probability of extreme loss events, estimating recovery rates and taking into account macroeconomic factors.
\nThe rating scale<\/a> of Structured Finance Instruments Ratings is nine-grade with intermediate categories (notching).<\/p>\n <\/p>\n
<\/p>\n
Categories of Credit Ratings<\/strong><\/p>\n <\/p>\n
ICAP CRIF Credit Ratings are divided into two main categories.<\/p>\n
<\/p>\n
\n- Unsolicited<\/strong> Credit<\/strong> Ratings<\/strong> are ratings issued at the request of a client other than the rated Corporate \/Issuer of Corporate Debt Instrument\/ Issuer of Structured Finance Instrument.<\/li>\n
- Solicited<\/strong> Credit<\/strong> Ratings<\/strong><\/a> are ratings issued at the request of the rated Corporate \/Issuer of Corporate Debt Instrument\/ Issuer of Structured Finance Instrument.<\/li>\n<\/ol>\n
[\/vc_column_text] <\/div>\n<\/div><\/div>[\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” background_color=”#ffffff” css=”.vc_custom_1594640466638{background-color: #f6f6f6 !important;}” z_index=”” padding_top=”87″ padding_bottom=”25″][vc_column width=”2\/3″][vc_column_text]<\/p>\n
Regulatory Framework<\/strong><\/h2>\n[\/vc_column_text][vc_separator type=”small” position=”left” color=”#e46302″ up=”7″ down=”34″][vc_column_text]Pursuant to the operating framework for Credit Rating Agencies as set out in Regulation 1060\/2009 of the European Parliament and of the Council of 16 September 2009, ICAP CRIF publishes recent years\u2019 Transparency Reports, the Code of Conduct, as well as other policies applied and information material for compliance with the above Regulation.<\/p>\n
<\/p>\n
Transparency Reports<\/strong><\/p>\n\n- Transparency Report 2022<\/a><\/li>\n
- Transparency Report 2021<\/a><\/li>\n
- Transparency Report 2020<\/a><\/li>\n
- Transparency Report 2019<\/a><\/li>\n
- Transparency Report 2018<\/a><\/li>\n
- Transparency Report 2017<\/a><\/li>\n<\/ul>\n
<\/p>\n
Macroeconomics Impact on Default Rates<\/strong><\/a><\/p>\nCode of Conduct<\/strong><\/a><\/p>\nConflicts of Interest Policy<\/strong><\/a><\/p>\nDisclosures Policy<\/strong><\/a><\/p>\nList of Rated Entities contributing more than 5% in ICAP CRIF’s Revenues<\/strong><\/a><\/p>\nAncillary Services<\/strong><\/a><\/p>\n <\/p>\n
In compliance with the requirements of Point 6, Section D, Annex I of the amended Regulation (EC) No 1060\/2009 of the European Parliament and the Council on Credit Rating Agencies and ESMA\u2019s Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings (ESMA80-416-203<\/a>), please see here<\/strong><\/a> information about the entities and debt instruments that have been submitted to ICAP CRIF for their initial review or for preliminary rating.<\/p>\nThe information is related to Initial Reviews and Preliminary Ratings which were carried out from 1 July 2022 onwards.[\/vc_column_text][\/vc_column][vc_column width=”1\/3″][vc_single_image image=”19187″ img_size=”full” alignment=”right” qode_css_animation=”element_from_right”][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” background_color=”#ffffff” css=”.vc_custom_1619612621304{background-color: #ffffff !important;}” z_index=”” padding_top=”87″ padding_bottom=”87″][vc_column width=”1\/3″][vc_single_image image=”19187″ img_size=”full” alignment=”right” qode_css_animation=”element_from_right”][\/vc_column][vc_column width=”2\/3″][vc_column_text]<\/p>\n
Public Consultation on the revision of quantitative models assessing the creditworthiness of companies with unavailable financial data<\/strong><\/h2>\n[\/vc_column_text][vc_separator type=”small” position=”left” color=”#e46302″ up=”7″ down=”34″][vc_column_text]In the context of the regular updating of the models for the assessment of credit risk and with the aim of permanently ensuring methodologies that are valid, systematic, and continuous, the Internal Review Function (IRF) of ICAP CRIF proposed the revision of the quantitative models that estimate the creditworthiness of companies falling in the class of those with unavailable financial data. After the acceptance of the proposal and the completion of the relevant analysis, on 29 May 2023 ICAP CRIF launched to public consultation the new methodology, in accordance with the requirements of the amended Regulation 1060\/2009 for Credit Rating Agencies.
\nThe public consultation closed on 29 June 2023 and no comments were received. Listed below are:<\/p>\n
<\/p>\n
\n- The document with the proposed changes to the credit risk models, that can be viewed by clicking here<\/a><\/li>\n
- The document with the key assumptions, validation checks and impact on results of the new methodology that ICAP CRIF intends to adopt can be viewed by clicking here<\/a><\/li>\n<\/ul>\n
[\/vc_column_text][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” background_color=”#ffffff” css=”.vc_custom_1619612621304{background-color: #ffffff !important;}” z_index=”” padding_top=”87″ padding_bottom=”87″][vc_column width=”1\/3″][vc_single_image image=”19187″ img_size=”full” alignment=”right” qode_css_animation=”element_from_right”][\/vc_column][vc_column width=”2\/3″][vc_column_text]<\/p>\n
Credit Rating Assignment Methodologies<\/strong><\/h2>\n[\/vc_column_text][vc_separator type=”small” position=”left” color=”#e46302″ up=”7″ down=”34″][vc_column_text]Pursuant to the operating framework for Credit Rating Agencies as set out in Regulation 1060\/2009 of the European Parliament and of the Council of 16 September 2009, ICAP CRIF publishes the Credit Rating Assignment Methodologies followed and the ICAP CRIF Credit Rating Scales.<\/p>\n
The purpose of Corporate Credit Rating is to assess the creditworthiness of reviewed enterprises in relation to their probability of default and\/or bankruptcy over a period of one year. This results from the review of data based on a pre-defined statistical system and additional detailed material information by a Ratings Analyst.<\/p>\n
<\/p>\n
It is captured on a ten-point scale<\/a> (AAA, AA, A, BBB, BB, B, CCC, CC, C & D). The closer the company’s classification is to higher credit ratings (AAA-BBB), the lower the probability of default and\/or bankruptcy.<\/p>\n <\/p>\n Using nine different credit models, ICAP CRIF incorporates the guidelines of the Basel Committee and of the EU (assessment of economic cycle elements, weighted assessment of the probability of default based on historical data, etc.) to assess the characteristics of companies, classify them in Credit Rating Zones and predict their probability of default (PD).<\/p>\n <\/p>\n The business perimeter to which ICAP CRIF assigns Credit Ratings also includes Companies operating in Special Activities, Holding Companies and Real Estate Investment Companies (REIC).<\/p>\n <\/p>\n ICAP CRIF\u2019s Credit Rating of Corporate Debt Instruments (bonds, notes and loans) expresses the instruments\u2019 probability of default, i.e. the probability that either the Issuer will not be able to meet its credit obligations, or the instrument-specific default clauses are enforced.<\/p>\n <\/p>\n The methodology applied combines the ICAP CRIF corporate ratings with a notching approach which reflects the recovery expectations in the event of default.\u00a0 Special attention is paid to structural credit enhancements such as guarantees, cash reserves, collaterals and specially arranged security provisions in transactions that affect recovery expectations.<\/p>\n <\/p>\n The corporate debt instrument rating scale<\/a>\u00a0follows the corporate credit rating scale, but with intermediate categories (notching).<\/p>\n <\/p>\n ICAP CRIF rates Notes of Asset Backed Securities, including Securitizations of Performing or non-Performing Credit Exposures and Securitizations of Trade Credit Receivables, granted either to legal entities or natural persons. The service is specialized depending on the type of receivables, covering the whole range of credit (Secured or Unsecured, Consumer Loans, Mortgage Loans, Corporate Loans, Leasing, etc.).<\/p>\n The Credit Rating reflects the level of confidence that the instrument will fulfill its contractual obligations, fully and on time.<\/p>\n To determine this level of confidence, ICAP CRIF has developed a methodological approach that combines both quantitative and qualitative factors, which capture the risk characteristics of the underlying asset portfolio, the transaction structure, the legal risks, the counterparty risks, as well as the performance of the Servicer and all parties involved.<\/p>\n ICAP CRIF’s methodology for estimating expected losses (EL) is based on an innovative generalization of the Vasicek credit loss distribution, in order to determine in detail, the probability of extreme loss events, estimating recovery rates and taking into account macroeconomic factors. <\/p>\n <\/p>\n Categories of Credit Ratings<\/strong><\/p>\n <\/p>\n ICAP CRIF Credit Ratings are divided into two main categories.<\/p>\n <\/p>\n [\/vc_column_text] <\/div>\n<\/div><\/div>[\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” background_color=”#ffffff” css=”.vc_custom_1594640466638{background-color: #f6f6f6 !important;}” z_index=”” padding_top=”87″ padding_bottom=”25″][vc_column width=”2\/3″][vc_column_text]<\/p>\n [\/vc_column_text][vc_separator type=”small” position=”left” color=”#e46302″ up=”7″ down=”34″][vc_column_text]Pursuant to the operating framework for Credit Rating Agencies as set out in Regulation 1060\/2009 of the European Parliament and of the Council of 16 September 2009, ICAP CRIF publishes recent years\u2019 Transparency Reports, the Code of Conduct, as well as other policies applied and information material for compliance with the above Regulation.<\/p>\n <\/p>\n Transparency Reports<\/strong><\/p>\n <\/p>\n Macroeconomics Impact on Default Rates<\/strong><\/a><\/p>\n Code of Conduct<\/strong><\/a><\/p>\n Conflicts of Interest Policy<\/strong><\/a><\/p>\n Disclosures Policy<\/strong><\/a><\/p>\n List of Rated Entities contributing more than 5% in ICAP CRIF’s Revenues<\/strong><\/a><\/p>\n Ancillary Services<\/strong><\/a><\/p>\n <\/p>\n In compliance with the requirements of Point 6, Section D, Annex I of the amended Regulation (EC) No 1060\/2009 of the European Parliament and the Council on Credit Rating Agencies and ESMA\u2019s Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings (ESMA80-416-203<\/a>), please see here<\/strong><\/a> information about the entities and debt instruments that have been submitted to ICAP CRIF for their initial review or for preliminary rating.<\/p>\n The information is related to Initial Reviews and Preliminary Ratings which were carried out from 1 July 2022 onwards.[\/vc_column_text][\/vc_column][vc_column width=”1\/3″][vc_single_image image=”19187″ img_size=”full” alignment=”right” qode_css_animation=”element_from_right”][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” background_color=”#ffffff” css=”.vc_custom_1619612621304{background-color: #ffffff !important;}” z_index=”” padding_top=”87″ padding_bottom=”87″][vc_column width=”1\/3″][vc_single_image image=”19187″ img_size=”full” alignment=”right” qode_css_animation=”element_from_right”][\/vc_column][vc_column width=”2\/3″][vc_column_text]<\/p>\n [\/vc_column_text][vc_separator type=”small” position=”left” color=”#e46302″ up=”7″ down=”34″][vc_column_text]In the context of the regular updating of the models for the assessment of credit risk and with the aim of permanently ensuring methodologies that are valid, systematic, and continuous, the Internal Review Function (IRF) of ICAP CRIF proposed the revision of the quantitative models that estimate the creditworthiness of companies falling in the class of those with unavailable financial data. After the acceptance of the proposal and the completion of the relevant analysis, on 29 May 2023 ICAP CRIF launched to public consultation the new methodology, in accordance with the requirements of the amended Regulation 1060\/2009 for Credit Rating Agencies. <\/p>\n [\/vc_column_text][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” background_color=”#ffffff” css=”.vc_custom_1619612621304{background-color: #ffffff !important;}” z_index=”” padding_top=”87″ padding_bottom=”87″][vc_column width=”1\/3″][vc_single_image image=”19187″ img_size=”full” alignment=”right” qode_css_animation=”element_from_right”][\/vc_column][vc_column width=”2\/3″][vc_column_text]<\/p>\n [\/vc_column_text][vc_separator type=”small” position=”left” color=”#e46302″ up=”7″ down=”34″][vc_column_text]Pursuant to the operating framework for Credit Rating Agencies as set out in Regulation 1060\/2009 of the European Parliament and of the Council of 16 September 2009, ICAP CRIF publishes the Credit Rating Assignment Methodologies followed and the ICAP CRIF Credit Rating Scales.<\/p>\nCorporate Debt Instruments<\/strong><\/h4>\n
2. Credit Ratings in Structured Finance Instruments<\/strong><\/h3>\n
\nThe rating scale<\/a> of Structured Finance Instruments Ratings is nine-grade with intermediate categories (notching).<\/p>\n\n
Regulatory Framework<\/strong><\/h2>\n
\n
Public Consultation on the revision of quantitative models assessing the creditworthiness of companies with unavailable financial data<\/strong><\/h2>\n
\nThe public consultation closed on 29 June 2023 and no comments were received. Listed below are:<\/p>\n\n
Credit Rating Assignment Methodologies<\/strong><\/h2>\n
![\"\"](\"https:\/\/icapcrif.com\/wp-content\/uploads\/2020\/10\/ICAP-Scores-pinakas-300x63.png\")
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<\/p>\n