Capital Intelligence may initiate credit ratings on issuers (the terms “issuer” and “rated entity” are used interchangeably in this policy) without the request of the issuer, provided there is adequate public information available to form a credible opinion of the issuer’s creditworthiness. These unsolicited ratings are produced as a service to subscribers and other market participants. There is, however, no difference between unsolicited and solicited ratings in terms of the criteria applied and the rating committee procedures.

Solicitation Status

Capital Intelligence discloses the unsolicited nature of the credit rating in:

  • Credit rating announcements
  • Credit rating reports
  • Credit rating lists published on the Company’s website.

Participation Status

Where the rating is unsolicited but the issuer has participated in the rating process (e.g., by management discussing credit-related issues with CI analysts or by supplying financial information that is not publicly disclosed), Capital Intelligence rating announcements will state:

“The ratings have been initiated by Capital Intelligence. However, the issuer participated in the rating process.”

Where the rating is unsolicited and the issuer did not participate in the rating process, the rating announcement will state:

“The ratings have been initiated by Capital Intelligence. The issuer did not participate in the rating process.”

Capital Intelligence also states in both rating announcements and reports whether the credit rating committee had access to non-public information, such as internal accounts, management insights, or other relevant documents of the rated entity.

Colour Coding of Unsolicited Ratings

To provide further clarity and in compliance with regulatory requirements on credit rating agencies, unsolicited ratings are colour-coded to indicate the participation status of the rated entity and whether CI had access to non-public information. The following colours are used in rating announcements and rating lists:

  • Dark Blue rating symbols indicate that the ratings are unsolicited and that the rated entity:
    (a) Participated in the rating process; and
    (b) Provided Capital Intelligence with non-public information.

  • Green rating symbols indicate that the ratings are unsolicited and that the rated entity did not participate in the rating process.