Non-Financial Corporations Draft Methodology Published for Consultation

London, February 12, 2016 - ARC Ratings has published its DRAFT Non-Financial Corporations Rating Criteria (the “Criteria”) for Public Consultation and welcomes feedback from market participants in respect of the methodology to be applied (this methodology can be accessed at

This is an update to the version published in June 2013. This amended version differs from the previously published methodology only in terms of the removal of the systemic risk and cyber risk factors, and a more clearly defined approach to financial analysis. There are no material changes in the rating methodology and therefore there are no expected changes to ratings accorded as a result of the updated rating criteria.

ARC’s non-financial corporations (corporate) ratings are a measure of the ability of an Issuer to honour its financial obligations, relative to other Issuers. Corporate credit quality and default risk is assessed over both the short term and the long term, with separate short term and long term ratings being accorded where necessary. A crucial part of ARC’s analysis is a peer comparison. The non-financial corporations methodology applies to all institutions other than financial institutions, for which there is a separate methodology, also accessible at


Please send comments / feedback via email to by no later than 12th March 2016.

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