Indicative timeline
A first-time corporate rating typically runs over eight weeks from kick-off to outcome, though the exact timeline depends on document availability, scheduling, and the complexity of the credit story. Parallel processes with two agencies add only marginal time if documentation is shared.
Phase 1
Weeks 1–2
Preparation work
- Kick-off: define objectives and strategy, agree roadmap and calendar, select agencies.
- Initial meetings with rating agencies: introduce teams, discuss timing and methodology focus areas.
- Begin assembly of financial data, historical reports, and debt schedule.
Phase 2
Weeks 2–6
Management Presentation drafting
- First draft of the Management Presentation.
- Iterative review sessions with finance and IR teams.
- Management sign-off on the final draft.
- Submission of the presentation package to each agency ahead of the management meetings.
Phase 3
Week 6
Management presentations
- Internal rehearsal to align key messages and prepare management for likely agency questions.
- Live presentations to each rating agency (two to three hours per agency).
Phase 4
Weeks 6–8
Q&A and rating outcome
- Follow-up Q&A with the agencies — typically a few hours per week for the key contact.
- Rating committee deliberates at each agency.
- Rating outcome communicated to the issuer before any public release.
- Debrief on the rationale and key drivers.
Timeline is indicative and depends on availability of information and scheduling.