Research
Rating performance research
NCR tests its own ratings. These studies show how ratings have migrated over time and how often rated entities have defaulted.
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Rating stability
Transition Matrix
How often ratings are upgraded, downgraded or reaffirmed. Weighted average one-year transition rates for corporate and SME portfolios, 2018 to 2023.
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Predictive validity
Default Study
Cumulative default rates by rating category over one, two and three year horizons, calculated on a static pool (cohort) basis.
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