Rating scale

The analysts consolidate the findings from the assessment of the financial and business profiles in a rating proposal complying with the internationally recognized notation (22 ratings from AAA through D).

The rating scale of GBB-Rating is illustrated below:


* In addition to the forenamed categories, the following assessments are also possible:
       WD (withdrawal) Rating withdrawn,
       SP (suspension) Rating temporarily suspended pending communication and/or discussion with the rated entity

In the interests of clarity, unsolicited credit ratings are identified on the website of GBB-Rating by the index "u" (e.g. A-u), and the rating is presented in blue. GBB-Rating further points out that the credit rating was unsolicited, and indicates whether and to what extent the rated entity assisted with the rating process, typically by furnishing additional information or data (further details: "GBB-Rating, Policy on Performing and Issuing Unsolicited Credit Ratings, 08-2020")

A moratorium or insolvency and suspension of payments on finance facilities, unless defined as an option in the terms and conditions, is classified as a default. A voluntary or contractual waiver of payments is not regarded as a default.

For historical default and transition rates see the central repository of the European Securities and Markets Authority (ESMA).



GBB-Rating Gesellschaft für
Bonitätsbeurteilung mbH

Kattenbug 1
50667 Cologne

Fon +49 221 912897-211