Rating Methodology

The credit rating methodologies describe FiinRatings' approach to assessing the credit risk of issuers and debt instruments, as well as explain in detail how FiinRatings evaluates the factors in the credit rating framework for different entities.

Issuer Credit Rating  is an assessment of a company's overall creditworthiness. This opinion focuses on the issuer's capacity and willingness to meet its financial commitments as they come due, and does not apply to any specific financial obligation. FiinRatings performs analysis on macroeconomic factors, industry factors, as well as company-specific factors, and determines the following components:

  • Anchor: determined by combining the evaluation of the business risk profile and the financial risk profile of the issuer (for non-financial companies), or the evaluation of general industry risk factors (for financial institutions)
  • Stand-Alone Credit Profile (“SACP”): determined by adjusting the anchor for the impacts of modifiers. The analysis of these modifiers can upgrade, downgrade, or have no effect on the anchor. We may also conduct a comparable analysis with industry benchmarks or competitive peers, based on a holistic view of the entities' credit characteristics.
  • Issuer Credit Rating (“ICR”): is the result of a combination of the SACP and external influences, such as the support from Government or Parent Company.

Issue Credit Rating is an assessment of the creditworthiness of a particular financial obligation, or a particular financing program (including ratings for short-, medium- and long-term debt). This opinion reflects FiinRatings' view of the issuer's capacity and willingness to meet its financial commitments when the obligation becomes due.
The effective period of an Issue Credit Rating depends on the tenor of the debt instrument. Short-term is understood as less than 1 year, medium-term from 1-5 years, long-term over 5 years. The issue credit rating score is monitored and updated based on the financial situation, liquidity risks of the Issuer and factors affecting solvency when financial obligations are due.
When conducting Issue Credit Rating, FiinRatings makes adjustments to upgrade or downgrade from the Issuer Credit Rating, depending on the impacts of specific factors related to debt instruments, such as financial covenants, collateralized assets, priority order of debt repayment…

General Rating Framework

Rating Framework for Non-financial Companies

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Rating Framework for Financial Institutions

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Content Updated as of Detail
Project Finance Methodology Jan 2024 See here
Issue Rating Methodology February 2023 See here
Notching for Group Suppport Methodology May 2022 See here
Banks Rating Methodology February 2022 See here
Securities Companies Credit Rating Methodology January 2022 See here
Non-Bank Finanancial Companies January 2022 See here
Corporate Credit Rating Methodology December 2021 See here
Rating Framework, Symbols and Definitions May 2020 See here