ICAP CRIF S.A. is the only company in Greece registered as:
- Credit Rating Agency (CRA), by the European Securities and Markets Authority (ESMA) and
- External Credit Assessment Institution (ECAI) by the Bank of Greece.
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’ Transparency Reports, the Code of Conduct, as well as other policies applied and information material for compliance with the above Regulation.
Macroeconomics Impact on Default Rates
List of Rated Entities contributing more than 5% in ICAP CRIF’s Revenues
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’s Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings (ESMA80-416-203), please see here information about the entities and debt instruments that have been submitted to ICAP CRIF for their initial review or for preliminary rating.
The information is related to Initial Reviews and Preliminary Ratings which were carried out from 1 July 2022 onwards.
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.
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.
ICAP CRIF Scores
ICAP CRIF has developed Industry Rating to meet the need of market participants to distinguish between industries with growth prospects and those which will be caught in a credit spiral, i.e. those involving companies with a high number of defaults.
It is a predictive indicator which captures the risks and prospects of each industry focusing on future estimates and not exclusively on past data.
The Industry Rating has two components:
Industry Rating is a 2-digit alphanumeric code, reflecting these two components: