Information requirements

A rating agency will request a structured set of information from the issuer to support its analysis. The list below reflects standard practice for a first-time corporate rating engagement. The same information base is also a useful starting point for any issuer seeking to understand where it stands on the credit spectrum — which is exactly what NotchWork's shadow rating process uses.

Documents typically prepared

• Three to five years of financial projections, including adjusted credit ratios aligned to the relevant agency methodology.
• Three most recent annual reports.
• A detailed list of debt instruments and bank facilities: issuer entity, amount, currency, maturity, amortisation profile, security package, financial covenants, and drawn / undrawn status.
• The Management Presentation — a dedicated document (typically around 75 pages) presenting the company's activities, business strengths and challenges, strategy, and financial policy. This is typically the only bespoke document specifically prepared for the rating process itself.

Topics covered in the Management Presentation