Long-term Credit Rating
A long-term credit rating is the assessment provided by S&I Ratings for issuer/debt instruments with a principal repayment term of 1 year or more, on a scale from 'AAA' – the highest credit quality, to 'D' – the lowest credit quality. The scale reflects the risk of default, increasing progressively from top to bottom. For example, a company rated AAA is expected to have a very high and stable ability to make payments over the next 12-24 months. Conversely, a company rated C is likely to be unable to meet its debt obligations when due.
According to international investment practices, ratings from BBB and above are considered "Investment Grade," while ratings from BB and below are considered "Speculative Grade."
| Rating | Rating description |
|---|---|
| AAA | Indicates that the issuer/debt instrument has the 'Lowest' risk of default and an 'Extremely high' credit quality. |
| AA | Indicates that the issuer/debt instrument has a 'Very low' risk of default and a 'Very high' credit quality. |
| A | Indicates that the issuer/debt instrument has a 'Low' risk of default and a 'High' credit quality. |
| BBB | Indicates that the issuer/debt instrument has a 'Relatively low' risk of default and a 'Moderate' credit quality. |
| BB | Indicates that the issuer/debt instrument has a 'High' risk of default and a 'Low' credit quality. |
| B | Indicates that the issuer/debt instrument has a 'Very high' risk of default and a 'Very low' credit quality. |
| CCC | Indicates that the issuer/debt instrument has a 'Extremely high' risk of default and a 'Extremely low' credit quality. |
| CC | Indicates that the issuer/debt instrument faces the risk of being unable to partially meet its debt obligations when due. |
| C | Indicates that the issuer/debt instrument faces the risk of being unable to partially or fully meet its debt obligations when due. |
| D | The issuer/debt instrument has become default. |
Note: Ratings from AA to CCC can be adjusted by adding a '+' or '-' sign to more clearly indicate the credit quality within the same rating category.
Short-term Credit Rating
Short-term credit rating is an objective opinion provided by S&I Ratings on the ability to fully and timely meet debt obligations with a principal repayment term of no more than 12 months for the issuer.
| Rating | Rating description |
|---|---|
| A1 | Has the ability to fully and timely fulfill financial obligations at a 'Very High' level. |
| A2 | Has the ability to fully and timely fulfill financial obligations at a 'High' level. |
| B1 | Has the ability to fully and timely fulfill financial obligations at a 'Moderate' level. |
| B2 | Has the ability to fully and timely fulfill financial obligations at a 'Low' level. |
| C | Has the ability to fully and timely fulfill financial obligations at a 'Very Low' level. |
