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Ratings built for informed decisions

Independent analysis for institutions, issuers, investors, and other market participants.

Corporate Sector

Corporate rating: The assessment involves evaluating an entity’s capability to generate adequate cash flows from its core business operations to meet debt service obligations in full and on time. Effectively, it is an assessment of credit risk of corporate entities to assist lenders, investors, creditors and other interested market participants to make sound business decisions.

Issuer rating: Issuer rating involves assessing a corporate entity’s capability to generate adequate cash flows to meet debt service obligations arising from issue of financial instrument. Effectively, it is a credit risk assessment of issuer for specific financial instrument to assist investors to determine the credit quality of the issuer to make informed investment decision.

Bank loan rating: Bank loan rating assesses the capability of a borrower to meet its debt obligations arising from specific credit line. Banks rely on the ratings to determine risk weights for loan exposures in implementing capital adequacy framework under Basel II and III framework.

Corporate governance rating: It is an assessment of a corporate entity’s adoption and practices of a specific corporate governance guidelines. It provides information to stakeholders about a relative conformance with corporate governance guidelines.

Financial Sector

Mutual funds rating: It is an assessment of performance and credit risk exposure, stability and capital protection of specific debt, equity or hybrid mutual fund schemes. It provides information to investors about funds’ risk-returns, stability and capital protection to enhance informed investment decisions.

Pension funds rating: It is an assessment of pension funds’ asset quality and associated risks, fund performance, quality of governance and membership support and other risks such as operational, and regulatory compliance. Effectively, it provides information on the funds’ financial strength to meet its obligations in full and on time to members.

Insurance companies rating: It is an assessment of an insurer’s financial strength to meet its contractual obligations to policyholders in full and on time. Its provides information to existing and potential insurance policyholders on an insurer’s capacity to pay claims when the event for which policies have been taken occurred.

Financial institutions rating: It is an assessment of a bank’s credit risk which is a function of a bank’s exposure to business and financial risks as well as the likelihood of it receiving extraordinary financial support in case of distress. Effectively, the assessment focuses largely on a bank’s capacity to honour its obligations - deposits, borrowings and other liabilities in full an on time. It provides assurance to depositors, investors and customers on the safety and soundness of a bank and their deposits and investments.

Financial Instrument Rating

Debt/bonds rating: Debt/bonds rating assesses the future cash-generating capability and adequacy to meet medium to long-term debt obligations in adverse conditions. The assessment focuses largely on the fundamentals and probabilities of change, which could affect the creditworthiness of the issuer and the financial instrument issue. It provides relevant information on the expected risk-returns to prospective investors.

Structured finance rating: Structured finance rating involves assessment of risk-return factors associated with structured debt obligation. It provides relevant information to investors on the degree of credit protection and enhancement, and structured mechanisms available on underlying assets for timely servicing of debt obligations.

Commercial paper/certificate of deposit: Commercial paper rating assesses the relative safety and timely payment of interests and principals of financial obligations. It focuses largely on short-term key drivers including liquidity position, liquidity back up, and credit enhancement of the issuer.

Grading Services

Debt/bonds rating: Debt/bonds rating assesses the future cash generating capability and adequacy to meet medium to long-term debt obligations in adverse conditions. The assessment focuses largely on the fundamentals and probabilities of change, which could affect the creditworthiness of the issuer and the financial instrument issue. It provides relevant information on the expected risk-returns to prospective investors.