...Criteria Describe Ratings Processes: Rating criteria reports describe methodology used in assigning ratings. They contain clear, concise descriptions of the minimum rating factors in ratings of particular debt instruments or entities. Ratings Not Determined by Models: Models are analytical tools developed to generate projections of the credit performance of issuers or issues under various scenarios, as defined by rating criteria. The rating of an issuer may involve no modeling, a single model or multiple models, depending on the relevant rating criteria. The importance of a model in generating rating opinions ranges from substantial to minor. Published rating criteria provide information on how model projections are used in the overall rating process. Reviewed Annually: All criteria and models for international credit ratings are reviewed at least annually, although there is no need to republish them if there are no changes. The chief credit officer (CCO) and staff who report to him/her...
