Corporate Credit Ratings & Scores - ICAP CRIF

Corporate Credit Ratings & Scores

Corporate Credit Ratings

Pursuant to its institutional role as a Credit Rating Agency, ICAP CRIF RATINGS issues Credit Ratings which are issued through a rating system based on a publicly accessible methodology, with rating categories according to ICAP CRIF RATINGS’s 10-point scale from AAA to D and may be used for regulatory purposes in accordance with EU law as implemented by the national legislation of EU Member States.
Since 2011, when it commenced its operation as an ESMA registered, the Credit Rating Agency of ICAP CRIF RATINGS has assigned Credit Ratings to more than 6,000 corporates with total assets of over €250 billion, having among its clients all the Greek Banks and the largest business groups, contributing significantly to the stability and efficiency of the country’s financial system.

It assigns Credit Ratings to Corporates operating in Greece, having either domestic or foreign jurisdiction, as well as to Corporate Debt Instruments issued by these Corporates. The perimeter to which ICAP CRIF RATINGS assigns Credit Ratings also includes, among others, Corporates operating in Special Activities, Holding Companies and Real Estate Investment Companies (REICs).

At the end of 2023 the Credit Rating Agency expanded its services in the assignment of Credit Ratings on Corporates, SMEs and Micro Business in Bulgaria while in 2024 it plans to expand its activities in the assignment of Credit Ratings to companies operating in Romania and Cyprus.



The purpose of the Corporate Credit Ratings (on Issuer level) is to assess the creditworthiness of the reviewed corporates in relation to their probability of default and/or bankruptcy over a period of one year.
The Credit Rating is captured on a ten-point scale (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.
ICAP CRIF RATINGS has developed different quantitative models based on specific criteria, including the availability of financial data or the industry in which the company operates, which assess the financial and commercial data of companies and their trading behaviour. Having the result of this quantitative assessment as a base, the qualitative assessment is followed, conducted by an experienced and adequately qualified team of Analysts, to finalise the credit rating. The Analyst uses the result calculated in the first part, enriches it with qualitative data which are co-evaluated and based on this overall picture, assigns the final credit rating of the company and its classification into credit rating zones. This procedure is combined with the operation of the Rating Committee.



The Credit Ratings of Corporate Debt Instruments (on Issue level) expresses the instruments’ 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. The corporate debt instrument rating scale follows the corporate credit rating scale (AAA, AA, A, BBB, BB, B, CCC, CC, C & D) with intermediate categories (notching).
The methodology applied combines the ICAP CRIF RATINGS Corporate Credit Ratings (on Issuer level) with a notching approach which reflects the recovery expectations in the event of default.  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.


It should be noted that in the context of the continuous upgrade of its credit rating assignment methodologies, ICAP CRIF RATINGS plans within 2023-2024  to incorporate into them quantitative and qualitative ESG assessment criteria.



Categories of  Corporate Credit Ratings

ICAP CRIF RATINGS Credit Ratings are divided into two main categories.

1. UnsolicitedCredit Ratings are ratings issued at the request of a client other than the rated Corporate /Issuer of Corporate Debt Instrument and
2. Solicited Credit Ratings are ratings issued at the request of the rated Corporate /Issuer of Corporate Debt Instrument.



Corporate Credit Ratings Assignment Methodologies

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 RATINGS publishes the Methodologies followed for the assignment of Corporate Credit Ratings and the ICAP CRIF RATINGS Credit Rating Scales.


Public Consultation on the revision of quantitative models assessing the creditworthiness of companies with unavailable financial data

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 RATINGS 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 RATINGS launched to public consultation the new methodology, in accordance with the requirements of the amended Regulation 1060/2009 for Credit Rating Agencies.
The public consultation closed on 29 June 2023 and no comments were received. Listed below are:


  • The document with the proposed changes to the credit risk models, that can be viewed by clicking here
  • The document with the key assumptions, validation checks and impact on results of the new methodology that ICAP CRIF RATINGS intends to adopt can be viewed by clicking here


The purpose of ICAP CRIF Score 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 assessment is based on the analysis of commercial and financial data as well as trading behaviour data resulting from published information and ICAP CRIF primary research.


Corporate credit scores are captured on a ten-point scale (A1, A2, B1, B2, C1, C2, D1, D2, E1 and E2) with the following logic: The closer the company’s classification is to higher credit score (Β2→ Α1), the lower the probability of default and/or bankruptcy. Conversely, the closer the company’s classification is to lower credit scores (D2→ E2), the higher the probability of default and/or bankruptcy.


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