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Source Issuer Rating
Scope United States AA
Scope Denmark AAA
Scope Norway AAA
Scope Sweden AAA
Scope Finland AA+
RP - 2021-11-30
Sovereign Rating Reviews during December 2021

RP - 2021-11-25
Updated mapping of ECAI ratings in the EU officially adopted

RP - 2021-11-03
November 2021 Sovereign Rating Reviews

under rp_research


Country of Residence:
Languages spoken:
Greek, English

ICAP is a registered Credit Rating Agency based in Greece operating both under the investor and issuer pays model. ICAP assigns Credit Ratings to non-financial and non- insurance Greek corporates.

Registered as CRA in the EU:
Certified as CRA in the EU:
ECAI Status:
European Union

ICAP is registered as CRA with ESMA since July 7th, 2011.

 ICAP is a recognized ECAI across the whole EU since January 1st, 2014 (until December 2013, ICAP was recognized ECAI in Greece as well as Portugal for its Corporate assessments). 

On November 1st, 2016, the following mapping of ECAI ratings to the 6 Credit Quality Steps under the Standardized approach for Banks (Capital Requirements Regulation, CRR) and the 7 Steps under Solvency II for insurances in the EU entered into force:

Note that additional rating scales may have been mapped. To view all mappings, login with your account and read the “RP Research” on this agency. To see how this agency’s mapping compares with other agencies, please read our dedicated page on the EU ECAIs.


ICAP is considered a small Credit rating agency for the purpose of Article 8d of CRAIII. 

Market Segments Covered:
Other Corporates
Countries Covered:
Business Model:
mixed model

Business model: ICAP operates under both the investor-pays and issuer-pays model.

Coverage: ICAP rates exclusively non-financial and non-insurance corporates domiciled in Greece.

Availability of ratings and reports at website: ICAP’s Credit Ratings are available to the users on a subscription basis.