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Essential Intelligence: Assessments
Expressed in lower case lettering using our traditional credit rating symbols. No rationale report is provided.
Credit Estimates are a confidential indication, provided at the request of a third party, of our likely credit rating on an unrated entity. They do not include all of the aspects of a credit rating. These estimates do not involve direct contact with the obligor's management and although they are a point-in-time analysis, they can be updated at your request.
Credit Estimates are formulated from an abbreviated analysis that draws on analytical experience and expertise of our analysts.
Credit Estimates are:
Generally provided in a portfolio context
Typically used to support the ratings on collateralized debt obligations (CDOs)
An integral part of S&P Global Ratings' rating process for CDOs
To rate CDO transactions referencing unrated collateral, CDO collateral managers request a credit estimate, which is updated periodically through the life of the transaction.
A Credit Estimate is not a credit rating. It is a confidential indication, provided solely at the request of a third party other than the company or issuer of the obligations at issue, of the likely S&P Global Ratings' credit rating of an unrated company or obligation primarily in the context of CDOs.
Credit Estimates typically are created for the purpose of including collateral not rated by us in a CDO or other structured finance obligation that is rated by us. They are formulated from an abbreviated analysis and do not include all of the aspects of a standard ratings analysis. For these reasons, a Credit Estimate is not intended to be a substitute for a credit rating.
Credit Estimates do not typically involve the direct participation of the obligor and are typically based on information provided by the requesting party together with information from third-party sources we consider reliable. The estimates are confidential in nature and are not published by S&P Global Ratings.