ARC's Rating Process

ARC Ratings' rating process is based on the following principles:

 

  • Integrity and Objectivity
  • Consistency
  • Rigour and Accuracy
  • Continuity

 

The main stages to ARC Ratings' initial rating process are:
 


 

* If issuer does not give such permission the report and the corresponding rating will remain strictly confidential unless applicable laws provide otherwise.

 

Prior to assigning a final rating, ARC may assign an Indicative Rating - evidenced by the suffix (Ind). An Indicative Rating - evidenced by the suffix (ind) - is a rating assigned by ARC Ratings to an issuer or an instrument (most commonly structured or project finance debt issues) when the assignment of a final rating is dependent upon the fulfilment of specific contingencies. An Indicative Rating is not a final rating. In the case of structured finance transactions, the assignment of a final rating will be dependent upon the receipt by ARC of information about the final asset pool reflecting all the characteristics evidenced/represented at the time we reviewed the initial / shadow pool, as well as the final legal documentation reflecting all the eligibility criteria, enhancements, covenants and other protections. Any material deviation in the fulfilment of these contingencies from the assumptions underlying the Indicative Rating can have a material impact on the final rating accorded, which accordingly may be fundamentally different to the initial Indicative Rating. Moreover, ARC Ratings reserves the right not to issue a final rating. Potential Investors are advised to bear this in mind when considering any indicative rating.

 

Transparency

 

ARC Ratings contributes to rebuild trust and enhance reliability and transparency in the credit rating industry by publishing its ratings, rating outlooks and reports without charge. 

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