ICAP is the only company in Greece registered as:
- Credit Rating Agency (CRA), by the European Securities and Markets Authority (ESMA) and
- External Credit Assessment Institution (ECAI) by the Bank of Greece.
Pursuant to the operating framework for Credit Rating Agencies as set out in Regulation 1060/2009 of the European Parliament and of the Council of 16 September 2009, ICAP publishes recent years’ Transparency Reports, the Code of Conduct, as well as other policies applied and information material for compliance with the above Regulation.
Pursuant to the operating framework for Credit Rating Agencies as set out in Regulation 1060/2009 of the European Parliament and of the Council of 16 September 2009, ICAP publishes the Credit Rating Assignment Methodologies followed and the ICAP Credit Rating Scales.
The purpose of ICAP Score is to assess the creditworthiness of reviewed enterprises in relation to their probability of default and/or bankruptcy over a period of one year. This assessment is based on the analysis of commercial and financial data as well as trading behaviour data resulting from published information and ICAP primary research.
Corporate credit scores are captured on a ten-point scale (A1, A2, B1, B2, C1, C2, D1, D2, E1 and E2) with the following logic: The closer the company’s classification is to higher credit score (Β2→ Α1), the lower the probability of default and/or bankruptcy. Conversely, the closer the company’s classification is to lower credit scores (D2→ E2), the higher the probability of default and/or bankruptcy.
ICAP has developed Industry Rating to meet the need of market participants to distinguish between industries with growth prospects and those which will be caught in a credit spiral, i.e. those involving companies with a high number of defaults.
It is a predictive indicator which captures the risks and prospects of each industry focusing on future estimates and not exclusively on past data.
The Industry Rating has two components:
Industry Rating is a 2-digit alphanumeric code, reflecting these two components: