Credit Consensus Rating: The Credit Consensus Rating (CCR) is based on a simple average of credit risk metrics (i.e. Probability of Default estimates) from at least three observations for the same legal entity. Contributions are equally weighted, so there is no differentiation between contributors based on size or jurisdiction. Credit Benchmark provides the CCR based on a 21-point scale that is similar to the scales published by S&P and Fitch. In addition, the CCR is expressed on a numerical 100-point scale to provide additional granularity within a given category. PD midpoints associated with the 21- and 100-point scales are also available. In addition to the Credit Consensus Rating, descriptive analytics provide granularity and insights into the underlying consensus.
Contributors: Count of ratings contributed against a legal entity used in calculating the Credit Consensus Rating.
Probability of Default: Collected Probability of Default estimates reflect a 1-year forward looking through the cycle view of default for a given entity used by a contributor to calculate risk-weighted assets.
Agreement Indicator: Indication of the level of agreement between the contributed ratings used in calculating the Credit Consensus Rating based on the Relative Standard Deviation.
Effective Date: Publish date for the Credit Benchmark data. Contributor data files are submitted throughout the month, based on data from the previous month. Data is published weekly to provide access to timely risk information.
Consensus Range: The Minimum and Maximum contributions (i.e. highest and lowest rating) used when calculating the Credit Consensus Rating.
Opinion Change Indicator: An indicator to highlight month on month changes for the same set of clients, giving a clean indication of any opinion change in the Credit Consensus Rating. "Improving" if upgrades observed in the underlying credit risk views, "Deteriorating" if downgrades observed in the underlying credit risk views and “Stable" otherwise.