Source Issuer Rating
JCRER Boyner Perakend.. B
JCRER T.C.Ziraat Bank.. A
AA_DE LVM Krankenvers.. A++
AA_DE LVM Landwirtsch.. A++
AA_DE LVM Lebensversi.. A+
JCRER - 2017-09-29
JCR Eurasia Rating has reaffirmed the credit ratings of the consolidated structure of “Boyner Perakende ve Tekstil Yatırımları Anonim Şirketi and its Subsidiary “and “Cash Flows Relating to the Outsta

JCRER - 2017-09-29
JCR Eurasia Rating has reviewed and affirmed the credit ratings of T.C. Ziraat Bankası A.Ş. and its Consolidated Structure as ‘AAA (Trk)’ on the Long Term National scale and ‘BBB-‘ on the Long Term In

JCRER - 2017-09-27
JCR Eurasia Rating has affirmed the credit ratings of Şekerbank T.A.Ş. as ‘AA-(Trk)’ on the Long Term National Scale and as ‘A-1+(Trk)’ on the Short-Term National Scale in the periodic annual review a


RATINGPLATFORM has been created to provide a unique global platform for ratings and assessments from high-reputable qualified sources. Given the international environment for CRAs, where new legislation is being implemented in several countries and regions, RATINGPLATFORM’s target is to provide guidance to all users of ratings across jurisdictions.



In order to contribute to enhanced transparency in the rating market, we are now referencing all Credit Rating Agencies registered or certified in the European Union. In addition, you shall find information on selected agencies beyond the European Union as well as information on two Export Credit Agencies. Over time, we shall extend our research and coverage in order to give guidance on a global basis.



For each of the referenced sources, you shall find the following information:

General Information

-        Name of the source

-        Abbreviation used at Ratingplatform

-        Country of residence: in case the agency maintains office in several jurisdictions we use the term “global”. Otherwise the country is stated.

-        Webpage: a link to the main page is provided

-        Languages spoken: in case you would like to contact the agency, we mention which languages are recommended.

-        A short summary description of the sources business model and coverage

Registration Status:

-        Given the European origin of RATINGPLATFORM, we first mention whether the source is registered as Credit Rating Agency (“CRA”) with the European Securities and Markets Authority (“ESMA”), the sole supervisor of CRAs in the European Union. In the explanatory box, we mention whether the source qualifies as a Small Credit Rating Agencies according to Article 8d of the EU Regulation on CRAs.

-        Credit Rating Agencies registered in third countries assessed to have an equivalent legal framework on CRAs to the European Union one, may be “certified” with ESMA.

-        We mention whether the source is recognized as an External Credit Assessment Institution (“ECAI” status) in different jurisdictions. While our research covers about 75 jurisdictions, information is often not easily available – this list should therefore not be considered as exhaustive.

-        In some jurisdictions, the assessments from Export Credit Agencies (“ECA”) may be used for regulatory purposes by financial institutions (banks). We state here whether this status applies and if yes the respective country.

Coverage and profile:

-        Market Segments covered: some sources may specialize on specific market segments only. We currently distinguish for the following market segments: Financial Institutions, Insurances, Other Corporates, Structured Finance, Sovereign and Public Finance. In addition, we disclose separately those sources covering “Political Risk”.

-        “Countries covered”: some sources may rate the above market segments only in some specific countries. In case the source covers more than 10 countries, we use the term “global”.

-        Business Model: we distinguish 5 potential business models: issuer-pays, investor-pays, mixed model, hybrid model and special model. In the explanatory box, amongst others, we mention whether the source publishes its rated universe/its ratings directly on its website.

-        Disclosure policy: in this tab, sources can mention what information is being made available at RATINGPLATFORM.


Please note that the profiles of some sources may be based solely on research carried out by RATINGPLATFORM. These sources shall be duly marked with the following warning:

We of course welcome any clarifications and comments.


Further Information

For some sources, you may find the following additional information:

-        Under “method and Process”, the rating methodology(ies) as well as the rating process is briefly presented.

-        Only very few jurisdictions have standardized the rating scales to be used. In this section you shall find the different rating scales used by the sources with a short description of each scale and each of the steps.

-        In case rating information is available at RATINGPLATFORM, you may find the corresponding information under “Ratings”. Please note that for some sources, the list available here may be only a selection of the whole universe covered by the source. Please note further that rating information may not be directly available here.

-        Some sources may be publishing news on RATINGPLATFORM. These shall be available here.

-        In case the source maintains its profile directly at RATINGPLATFORM, you shall have the possibility to contact the source in the “contact” form provided.


For Registered Users

Depending on where the source is registered as Credit Rating Agency, different transparency requirements apply. In our section “RP Research” (the menu is only visible if you are registered as user), you may find the following information:

Registration status: in some jurisdictions, the recognition as a Credit Rating Agency (or the equivalent in the respective country) may be limited to some market segments only.

Revenues: according to the EU Regulation on CRAs, CRAs need to disclose their annual revenues in the transparency report.

Offices: we state where the source is head-quartered and whether it maintains other offices in other countries.

Ownership: we report here the information provided by CRAs in their annual transparency report or information available on the websites. Based on our review of EU CRAs, CRAs may be owned by individuals, by the management of the CRA, by financial investors or may be stock-listed.

Employees: In Europe, CRAs provide information on number of ratings analysts, employees in charge of developing rating methodologies and other staff.

Rating scale: as the CRA regulation in the EU does not standardize the rating scales, we describe here the long term scales used. We consider the following rating scale to be the traditional scale: AAA, AA, A, BBB, BB, B, CCC, CC and C. Note there may be difference between the CRAs in the number of categories in the C region as well as in the number of notches.  

Mapping of ratings to regulatory scales (eg ECAI status under the Basel 2 framework)

Use of Rating outlook: not all CRAs use the notion of rating outlooks, we therefore details this information. Ideally, state the time-horizon of the outlook.

Definition of default: as provided by the respective CRA to CEREP or disclosed otherwise.

Information published at CEREP: CEREP is a database maintained by the supervisor of CRA in Europe (ESMA). This database gives historic information on the number of ratings outstanding.

Useful links: we provide here a list of useful direct links on specific topics concerning each CRA, as information may not always be easy to find. Please provide the following links:

-        Regulatory affairs

-        Transparency report (if required/existing)

-        Annual report (if applicable, available)

-        Rating methodologies

-        Rating scales

-        Rating transitions and default studies

-        List of rated entities

-        News section/press releases

-        Contact address



Regulatory use

While credit ratings are used on a global basis by a variety of investors/users, the legal framework on credit rating agencies differs substantially from country to country. In recent years, several countries have adopted new legislation on CRAs and others may have updated their applicable legal frameworks.

In this section we review the legal framework in several jurisidictions in order to identify the following:

-        Competent authorities responsible for supervising or recognizing CRAs

-        we outline whether other recognitions in the respective country exist. For instance, the list of recognized ECAIs may differ from the list of CRAs. Additionally, special frameworks may apply (eg to the rating of SMEs). Finally national banks may be using only a selected list of agencies.

-        We list all registered CRAs in the specific country.


For Registered Users

Depending on what information is publicly available in each country, we provide additional information covering amongst others the following topics:

-        Mapping of ratings to regulatory scales (eg ECAI mapping)

-        Links to databases of ratings

-        Information on the size of the market (number of ratings outstanding, consolidated revenues, employees).