Unsollicited ratings issued by EuroRating

Unsolicited ratings issued by EuroRating are marked with the "ip" affix. EuroRating assesses the credit risk of the given rated entity on its own initiative. Such ratings do not require signing an agreement for credit risk assessment services with the analysed entity; the analysed entity does not pay any fees in connection with the credit risk assessment carried out by EuroRating. Such ratings are issued by EuroRating in reply to information needs of market participants and to provide investors with a comparable database for solicited ratings issued for other rated entities.

In case of unsolicited ratings, the process of credit risk assessment for the rated entity is based solely (or mostly) on publicly available information and, as opposed to solicited ratings, does not have to include obtaining information directly from the analysed entity. The special designation of such ratings aims at emphasizing the fact that EuroRating could have not access to certain information usually required in the process of issuing solicited ratings (in case of which EuroRating may request the analysed entity to provide information, which is not publicly available).

In spite of relying exclusively, or almost exclusively, on publicly available information, EuroRating makes sure that obtained information is derived from reliable sources, and that their scope is sufficient to conduct a reliable credit risk assessment for the rated entity, thus allowing to issue a reliable credit rating. However, it must be noted that due to a lack of access to some significant information, an unsolicited rating may not be identical to a rating that would be issued for the given entity as a result of a full analytical process usually conducted for solicited ratings.

Since unsolicited ratings are issued free of charge for the rated entities, EuroRating (due to the time-consuming nature and related additional costs) in case of such ratings does not prepare rating reports, which usually accompany ratings solicited by the rated entities. However, all parties interested have free access through the agency's website to current and historical public unsolicited ratings. In addition, in case of any changes in the level and/or the rating outlook of an unsolicited rating, EuroRating publishes an announcement with a justification for the given rating action.