Rating Symbols & Definitions
These symbols and definitions have been prepared with the objective of making our ratings transparent and standardised to the marketplace.
Select a rating scale below:
MARC’s Long-Term Ratings are assigned to debt issues with maturities of more than one year. These debt ratings specifically assess the likelihood of timely repayment of principal and payment of interest over the term to maturity of such debts.
|AAA||Indicates that the ability to repay principal and pay interest on a timely basis is extremely high.|
|AA||Indicates a very strong ability to repay principal and pay interest on a timely basis, with limited incremental risk compared to issues rated in the highest category.|
|A||Indicates that the ability to repay principal and pay interest is strong. These issues could be more vulnerable to adverse developments, both internal and external, than obligations with higher ratings.|
|BBB||The lowest investment grade category; indicates an adequate capacity to repay principal and pay interest.|
More vulnerable to adverse developments, both internal and external, than obligations with higher ratings.
|BB||While not investment grade, this rating suggests that the likelihood of default is considerably lower than for lower-rated issues. However, there are significant uncertainties that could affect the ability to adequately service debt obligations.|
|B||Indicates a higher degree of uncertainty, and therefore greater likelihood of default. Adverse developments could negatively affect repayment of principal and payment of interest on a timely basis.|
|C||High likelihood of default, with little capacity to address further adverse changes in financial circumstances.|
|D||Payment in default.|
Note: Long-Term Ratings from AA to B may be modified by a plus (+) or minus (-) suffix to show its relative standing within the major rating categories. Bank-guaranteed issues will carry a suffix (bg), corporate-guaranteed issues (cg), issues guaranteed by a financial guarantee insurer (FGI) (fg), and all other support (s) when such guarantees or support give favourable effect to the assigned rating.
Short-Term Ratings are assigned to specific debt instruments with original maturities of one year or less, and are intended to assess the likelihood of timely repayment of principal and payment of interest.
|MARC-1||The highest category; indicates a very high likelihood that principal and interest will be paid on a timely basis.|
|MARC–2||While the degree of safety regarding timely repayment of principal and payment of interest is strong, the relative degree of safety is not as high as issues rated MARC-1.|
|MARC–3||The lowest investment grade category; indicates that while the obligation is more susceptible to adverse developments, both internal and external, the capacity to service principal and interest on a timely basis is considered adequate.|
|MARC–4||The lowest category; regarded as non-investment grade and therefore uncertain in terms of capacity to service principal and interest.|
|D||Payment in default.|
Note: Short-Term Ratings will also carry a suffix (bg) for bank-guaranteed issues, (cg) for corporate-guaranteed issues, (fg) for FGI-guaranteed issues, and (s) for all other support when such guarantees or support give favourable effect to the assigned rating.
Rating Outlook assesses the potential direction of the Corporate Debt Rating over the intermediate term (typically over a one- to two-year period). The Rating Outlook may either be:
POSITIVE which indicates that a rating may be raised;
NEGATIVE which indicates that a rating may be lowered; LONG-TERM RATINGS SHORT-TERM RATINGS
STABLE which indicates that a rating is likely to remain unchanged; or
DEVELOPING which indicates that a rating may be raised, lowered or remain unchanged
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