1. Rating Agency
A legal entity that provides professional services in the securities market and specializes in determining credit ratings (rating) and providing information and analytical services related to the assessment of credit ratings.
2. Authorized Rating Agency
A rating agency that has won a competition to determine rating agencies authorized to conduct rating assessments, which is conducted by the National Securities and Stock Market Commission.
3. Rating Assessment
The level of the issuer's ability to timely and fully pay interest and principal on debt obligations relative to the debt obligations of other borrowers. The rating assessment of securities of the issuer characterizes the issuer's ability to service obligations under securities on time and in full.
4. Credit Rating
An independent expert assessment by a specialized rating agency of the degree of credit risk of a debt obligation, indicating the likelihood of non-performance (default) of this obligation.
5. Credit Rating Forecast
A comment on the prevailing trends affecting the credit rating in terms of possible (but not mandatory) future changes.    


Credit ratings can be assigned to both debt instruments and their issuers (borrowers). Thus, a credit rating is a conditional expression of the creditworthiness of a borrower as a whole (issuer rating) or its individual debt instruments (debt obligation rating).

In addition, credit ratings can be short-term (characterizing credit risk in the short term - up to one year) and long-term (characterizing credit risk in the long term - more than one year).

A credit rating consists not only of a current creditworthiness rating but also of a forecast by the rating agency for the future (in accordance with the Cabinet of Ministers' order of April 1, 2004, No. 208-r "On the Approval of the Concept of Creating a Rating Assessment System for Regions, Sectors of the National Economy, Economic Entities").

In addition to the detailed grading by credit risk level, rating scales also allow the categorization of all debt obligations into two main categories: investment-grade and speculative-grade levels. 

Understandably, investment-grade obligations have higher reliability and, therefore, higher market value than obligations with a speculative rating. In an active developed stock market with many alternative investment options, the rule is generally followed: the lower the credit rating of a debt obligation, the higher the risk premium (yield) demanded by the investor. 

Determining the credit rating level is based on a specially developed author's methodology, taking into account the requirements of current Ukrainian legislation and international standards. In any case, a credit rating is not a recommendation for any form of financing of the rated entity or the purchase or sale of its securities. The agency does not act as a guarantor and does not assume responsibility for any debt obligations of the rated entity.

A credit rating can be changed, suspended, or withdrawn in case of new significant information, insufficient information for rating updates, or for other reasons deemed sufficient by the agency to take such actions.

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