Change of ICAP Credit Rating Scale - ICAP CRIF

Change of ICAP Credit Rating Scale

Pursuant to its institutional role as a Credit Rating Agency, ICAP assigns Credit Ratings issued through an established and well-defined rating system, with rating categories.

In order to align with the international standards on rating symbols per category, ICAP has changed the rating scale according to which it will be assigning henceforward Credit Ratings to Corporates/Issuers and Corporate Debt Instruments/Issues.

Following the approvals received from the competent Supervisory Authorities, the new rating scale will enter 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 current rating scale and the new one.

For further information or clarifications please send your request to the email:

Important Note: The change relates solely to the ICAP Credit Rating scale. The ICAP Credit Score scale remains unchanged.

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