Services

Rating scales and definitions

What each notch on NCR's corporate and SME rating scales means.

Corporate Rating Scale

Long-term rating scale applied to corporate entities and instruments.

Definitions pending publication. The authoritative scale is reproduced below as published by NCR. The written definitions are being re-keyed and will replace this image shortly.

Corporate Rating Scale notches and definitions
Symbol	Band	Definition
AAA	Investment Grade	See the published scale below
AA+	Investment Grade	See the published scale below
AA	Investment Grade	See the published scale below
AA-	Investment Grade	See the published scale below
A+	Investment Grade	See the published scale below
A	Investment Grade	See the published scale below
A-	Investment Grade	See the published scale below
BBB+	Investment Grade	See the published scale below
BBB	Investment Grade	See the published scale below
BBB-	Investment Grade	See the published scale below
BB+	Speculative Grade	See the published scale below
BB	Speculative Grade	See the published scale below
BB-	Speculative Grade	See the published scale below
B+	Speculative Grade	See the published scale below
B	Speculative Grade	See the published scale below
B-	Speculative Grade	See the published scale below
C	Speculative Grade	See the published scale below

Corporate Rating Scale as published by National Credit Ratings Limited, showing each rating symbol and its full definition — Corporate Rating Scale as currently published.

SME Rating Scale

Rating scale applied to small and medium enterprises.

Definitions pending publication. The authoritative scale is reproduced below as published by NCR. The written definitions are being re-keyed and will replace this image shortly.

SME Rating Scale notches and definitions
Symbol	Band	Definition
NSME-1	Investment Grade	See the published scale below
NSME-2	Investment Grade	See the published scale below
NSME-3	Investment Grade	See the published scale below
NSME-4	Investment Grade	See the published scale below
NSME-5	Speculative Grade	See the published scale below
NSME-6	Speculative Grade	See the published scale below
NSME-7	Speculative Grade	See the published scale below