Updated January 2025

Effective Date: 13 June 2017

  • Capital Intelligence Ratings Ltd (CI) aims to produce ratings and reports that are as fair and accurate as possible.
  • CI will make every reasonable effort to ensure that no material information is overlooked and that rated entities are given every reasonable opportunity to dispute and appeal a rating action (i.e., a change or affirmation of the rating and/or outlook).
  • A rated entity may appeal the rating committee’s rating decision before it is published, irrespective of the solicitation status of the rating.
  • A request for reconsideration will be evaluated on a case-by-case basis by the relevant primary analyst and the chairman of the appropriate rating committee (or vice-chairman if the primary analyst and chairman are the same person).
  • Appeals intended solely to delay a rating action, especially a downgrade, will be rejected unless appropriate documentation is provided.

Grounds for Appeal

  • The rating committee will generally reconsider a rating action if:
    • The rated entity provides CI with new, important information that was not previously available to the rating committee; or
    • The rated entity provides clear evidence that significant material information was missed or misinterpreted by the rating committee.

Appeals Procedure

  • The rated entity must notify the primary analyst in writing (via email or fax) of its intention to appeal. It must also submit relevant information or evidence within the time limit for comments indicated in the advance copy of the publication (typically five business days, or one business day for urgent reviews).
  • The primary analyst, in consultation with the committee chairman, may grant additional time if a valid reason is given and the delay does not breach CI’s obligation to review ratings annually.
  • The primary analyst will assess the submitted information with the committee chairman. The decision to reconsider the rating will be based solely on the criteria stated in section 6.

Rating Committee Procedure

  • If the appeal is deemed valid, the rating committee will be reconvened. In the event of disagreement, the chairman’s (or vice-chairman’s) opinion will prevail. When possible, at least one senior analyst who did not participate in the original rating should be invited.
  • The primary analyst must submit a memorandum explaining the entity’s reasons for appeal along with their own opinion. Supporting materials should be included. If changes are recommended, an updated draft report should also be presented. The committee’s decision will be final and not subject to further appeal.

Appeal Disclosures

  • If an appeal results in a revised public rating, CI will disclose this in the credit rating announcement and report, stating that the action was amended following the entity’s appeal.