Credit ratings are the result of a continuous assessment of a borrower's Solvency by a specialised Rating agency (Moody's, Standard & Poor's, Fitch), by banks for internal purposes to ensure that they meet prudential ratios, and by credit insurers (e.g. Coface, Hermes, etc.; see Credit insurance). This assessment leads to the award of a credit rating reflecting an opinion about the Risk of a borrowing. Credit ratings can be Investment grade or Speculative grade. Credit ratings are also called ratings.

(See Chapters 8 and 21 of the Vernimmen)

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