Terms of Service

1. Nature of outputs. Outputs are shadow credit ratings — indicative analytical assessments — and are not credit ratings within the meaning of Regulation (EC) No 1060/2009 or its UK retained version. NotchWork is not a registered credit rating agency.

2. No affiliation. NotchWork is independent and not affiliated with, endorsed by, or sponsored by S&P Global Ratings, Moody’s Investors Service, or Fitch Ratings. All trademarks remain the property of their respective owners.

3. Private use. Outputs are produced pursuant to your individual request and provided exclusively to you for your internal business use. You agree not to (a) publish, redistribute, or make available to third parties any output, (b) rely on outputs as a substitute for an official credit rating or for investment or other regulated advice, (c) use outputs in any document filed with a regulator or distributed to investors without independent verification.

4. No advice. Nothing in any output constitutes investment advice, financial advice, legal advice, or a recommendation to enter into any transaction. You are solely responsible for any decision you make.

5. Methodologies. NotchWork’s analytical framework draws on publicly available rating methodologies. NotchWork does not redistribute, republish, or reproduce verbatim text from those methodology documents and does not guarantee that outputs will replicate the conclusions of any rating agency.

6. Limitation of liability. To the maximum extent permitted by law, NotchWork’s liability is capped at fees paid by the user in the twelve (12) months preceding the claim. NotchWork excludes all liability for indirect, consequential, or reputational loss.

7. No warranty of accuracy. Outputs depend on inputs provided by the user and on methodologies as published at a given date. NotchWork makes no warranty that outputs will match actual ratings or future events.