National Ratings

CI's national ratings provide an opinion as to the ability and willingness of obligors to meet financial commitments either in general (an issuer credit rating) or with respect to a specific debt instrument (an issue credit rating) relative to all other issuers or issues in the same country.

CI's national rating scale for a given country is not directly comparable to any other CI credit rating scale, national or international. The country-specific nature of CI's national ratings is captured by the addition of the prefix "nr" to the credit rating, as in egAAA for Egypt or omAAA for Oman.

Under CI's national rating methodology, the strongest credit in the country is normally assigned the rating "nrAAA", and all other issuers or issues are assigned ratings relative to that strongest credit.

National Long-Term Credit Ratings

nrAAA The highest credit quality in a given country. Exceptional capacity for timely fulfilment of financial obligations relative to all other issuers or issues in the same country.
nrAA Very high credit quality in a given country. Very strong capacity for timely fulfilment of financial obligations relative to all other issuers or issues in the same country.
nrA High credit quality in a given country. Strong capacity for timely fulfilment of financial obligations relative to other issuers or issues in the same country.
nrBBB Adequate credit quality in a given country. Satisfactory capacity for timely fulfilment of financial obligations relative to other issuers or issues in the same country.
nrBB Moderately weak credit quality in a given country. Limited capacity for timely fulfilment of financial obligations relative to other issuers or issues in the same country.
nrB Weak credit quality in a given country. The issuer or issue presents a significant credit risk for investors relative to higher-rated issuers or issues.
nrC Very weak credit quality in a given country. Substantial credit risk is apparent and there is considerable uncertainty as to timely repayment of financial obligations relative to other issuers or issues in the same country.
nrRS Regulatory supervision (this rating is assigned to financial institutions only). The obligor is under the regulatory supervision of the authorities due to its weak financial condition. The likelihood of default is extremely high without continued external support.
nrSD Selective default. The obligor has failed to service one or more financial obligations but CI believes that the default will be restricted in scope and that the obligor will continue honouring other financial commitments in a timely manner.
nrD Obligations are currently in default.

National Short-Term Credit Ratings

nrA1 Strongest capacity for timely repayment of financial obligations in the short term relative to all other issuers or issues in the same country. Entities with a particularly strong credit profile have a "+" affixed to the rating.
nrA2 Good capacity for timely repayment relative to all other issuers or issues in the same country.
nrA3 Adequate capacity for timely repayment relative to all other issuers or issues in the same country.
nrB Weak capacity for timely repayment relative to all other issuers or issues in the same country.
nrC Very weak capacity for timely repayment relative to all other issuers or issues in the same country.
nrRS Regulatory supervision (this rating is assigned to financial institutions only). The obligor is under the regulatory supervision of the authorities due to its weak financial condition. The likelihood of default is extremely high without continued external support.
nrSD Selective default. The obligor has failed to service one or more financial obligations but CI believes that the default will be restricted in scope and that the obligor will continue honouring other financial commitments in a timely manner.
nrD May be in an untenable position and either in default or very likely to default if it does not receive immediate external support.

 

Capital Intelligence appends "+" and "-" signs to national long-term credit ratings in the categories from 'nrAA' to 'nrC' to indicate that the strength of a particular entity is, respectively, slightly greater or less than that of similarly rated peers.

Outlook - expectations of improvement, no change or deterioration in a rating over the 12 months following its publication are denoted Positive, Stable or Negative.