Industry Research: Corporate Bonds

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Credit Spotlight: Issuer Credit Ratings, Issue Credit Ratings and Expected Loss (‘EL’) Ratings
  • Industry Research: Corporate Bonds
  • Year : Jun 2020
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Key highlights of the research are:

  • GCR definitions for issue(r) and expected loss ratings, together with a synopsis of when a particular rating may be assigned.
  • An overview of the linkage between issuer credit ratings, issue ratings and expected loss ratings respectively, including how these relationships are impacted by ratings migration.
  • An explanation of the potential contrary nature of asset encumbrance for expected loss and issuer credit ratings.

Additional Information

The purpose of this report is to outline the difference between Issue(r) Credit Ratings (‘ICR’) and Expected Loss Ratings (‘EL’), enabling investors and issuers to have a clear understanding of these ratings and the relationship between them. We also explain the potential contrary nature of asset encumbrance for Expected Loss and Issuer Credit Ratings.

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