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Methodology

Rating Scales

Download Rating Scales file_downloadLong-Term Local Rating ScaleLong-Term Global Rating ScaleShort-Term Local Rating ScaleShort-Term Global Rating ScaleLocal Rating Scale for Structured FinanceGlobal Rating Scale for Structured ProductsCredit Rating Scales for Investment FundsCredit Rating Scale for SIEFORESShort-Term Market Risk Rating Scale for Investment FundsLong-Term Market Risk Rating Scale for Investment FundsMarket Risk Rating Scale for SIEFORESLong-Term Local Rating Scale for Insurance InstitutionsLong-Term Global Rating Scale for Insurance InstitutionsShort-Term Local Rating Scale for Insurance InstitutionsShort-Term Global Rating Scale for Insurance InstitutionsLong-Term Credit Rating Scale for Special-Tax Bonds of U.S.A. Local Entities (U.S.A. Scale only)Primary Asset Servicers Rating ScaleMaster Servicer Rating ScaleSpecial Asset Servicers Rating ScaleFiduciary and Common Representative Rating ScaleLabelled Bonds Evaluation ScaleSustainability Linked Bonds Evaluation ScaleESG Entities Evaluation ScaleIntegrity Policy Evaluation ScaleCorporate Governance Evaluation ScaleInvestment Manager Quality Evaluation ScaleDefault CriteriaRating Attributes

HR AAA

The issuer or issue with this rating is considered to have the highest credit quality, offering high safety for timely payment of debt obligations. Maintains minimum credit risk.

HR AA

The issuer or issue with this rating is considered to have high credit quality and offers high safety for timely payment of debt obligations. Maintains very low credit risk under adverse economic scenarios.

HR A

The issuer or issue with this rating offers acceptable safety for timely payment of debt obligations. Maintains low credit risk

HR BBB

The issuer or issue with this rating provides moderate safety for timely payment of debt obligations. Maintains moderate credit risk, with weakness in the ability to pay in adverse economic scenarios.

HR BB

The issuer or issue with this rating provides inadequate safety for timely payment of debt obligations. Maintains high credit risk

HR B

The issuer or issue with this rating provides low safety for timely payment of debt obligations and maintains a high credit risk. The issue or issuer is susceptible to falling into default.

HR C

The issuer or issue with this rating exhibits high probability of falling into default in debt obligation payments.

HR D

The issuer or issue with this rating has the lowest rating. The issue is already in, or is highly likely to fall into, default in the short term.

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