Glosario

The data and information analysis, and the evaluation, approval, issuance and review of the credit rating activities.

The person or persons who effectively manage the credit rating agency's operations, and the members of their administrative or supervisory council.

The relationship between a parent company and a subsidiary one, as described in Article 1 of Directive 83/349/EEC of 13 June, 1983 regarding consolidated accounts, or a close link between any natural or legal person and a company.

Authorities designated by each Member State, so that regulations are met.

A symbol, such as for example a letter or number that may be accompanied by added identifying characters, used in a credit rating to provide a relative measure of the risk to distinguish between the different risk characteristics of the entity types, issuers and financial instruments, or other qualifying assets.

The person who assumes primary responsibility for elaborating a credit rating, or for communicating with the issuer regarding everything related to a particular credit rating or, generally, with the credit rating of a financial instrument emitted by that issuer and, where appropriate, for developing recommendations regarding said rating to present them to the ratings committee.

A legal entity whose occupation includes the issuance of credit ratings of a professional character.

Credit rating in which the rated entity is a State or the regional or local authority of a State.

A report regarding the creditworthiness of an entity, a debt or a financial obligation, an obligation, a preferred share or other financial instrument, or of the issuer of such a debt or financial obligation, obligation, or preferred share or other financial instrument, issued using an established and defined ranking system of the ratings categories.

The axesor bond rating aims to analyse the risk associated with the payment obligations incurred by a company through bonds, keeping in mind its characteristics and its potential for recovery from events of default.

Ratings given that constitute an opinion regarding the willingness and ability of qualified entity to deal with its financial obligations in a timely manner, in the long and short term.

Legal person whose creditworthiness is rated, explicitly or implicitly, through the credit rating, regardless of whether or not such rating has been requested, and whether or not they provided the information for it.

Summarizes the policies, procedures, and controls established and implemented in axesor.

Short-term ratings are assigned to issuances with a maturity equal to or less than one year.

AAA: Maximum credit rating. Excellent capacity, on the part of the rated company, to face its payment obligations. The punctual payment of its financial obligations can be counted on in the future.

AA+; AA; AA-: Very high level. Maintains a very high level of capacity to meet its debt obligations, even in the event of changes in the economic environment.

A+: A; A-: High level. The company has an elevated capacity to face its credit obligations. However, this rating can deteriorate in case of moderately adverse changes in the economic environment.

BBB+; BBB; BBB-: High/medium level. A more adequate capacity to face its financial obligations. However, this capacity has a greater probability of deteriorating in the medium or long term than ones in higher categories.

BB+; BB; BB-: Medium level. An adequate capacity to face its financial obligations.

B+: B: B-: Medium/low level. Despite the fact that the capacity to face the financial obligation payments is not currently problematic, this capacity may not last for a long time.

CCC+; CCC; CCC-: Low level. Low capacity to face its financial obligations. Dependency on a favourable economic environment.

CC: Poor credit rating. Uncertainty exists regarding its capacity to repay the financial obligations. An elevated probability of non-compliance in some of the payments. Elevated sensitivity to changes in the economic environment.

C: Very poor credit rating. Elevated risk of cessation or interruption of payments.

D: Rating close to insolvency. A situation very close to insolvency. A very high risk of non-payment.

Default: Non-payment situation. The company is in a situation of default, with payment delays, has been declared insolvent, or is insolvent. The possibility exists of not facing the repayment of their financial commitments.

National competent authorities designated in conformance with the relevant sectoral legislation for the supervision of the credit institutions, investment firms, insurance companies, reinsurance companies, employment pension funds, management companies, investment companies, managers of alternative investment funds, central counterparty entities, and brochures.

It is an independent EU authority that contributes to safeguarding the stability of the European Union's financial system, ensuring the integrity, transparency, efficiency, and orderly functioning of the securities markets and enhancing investor protection.

A credit rating is an indicator of axesor's opinion regarding the credit quality, which can be expressed in descriptive terms, with a broad rating category, or with the addition of a plus (+) or minus (-) symbol to indicate the relative strength within the rating category. This reflects our view regarding the credit strengths and weaknesses in general of an issuer, debtor, of a proposed financing structure, or of the elements in such structures. It is possible to limit some credit aspects or delve into some elements that would normally be considered in a credit rating.

The originator, structuring agent, sponsor, administrator, or any other party that interacts with a credit rating agency on behalf of a rated entity, including any person who may have, directly or indirectly, a controlling relationship with that rated entity.

The instruments listed in Annex I, Section C of Directive 2004/39/EC of the European Parliament, and of the Council of April 21, 2004 regarding financial instrument markets.

A credit estimate is an indication, offered by a third party, regarding the likely credit rating of the issuance or the issuer, regarding an unrated bond or debtor. This information is based on information from various sources, including quantitative models, where applicable, and in the analytical experience and the sector knowledge of our analysts. These estimates do not involve direct contact with the management of the entity, or a comprehensive analysis of operational, financial, or strategic themes that such contact may allow.

A group of companies established in the Community consisting of a parent company and its subsidiaries, as provided in Articles 1 and 2 of Directive 83/349/EEC, as well as companies linked together, as contemplated in Article 12, paragraph 1 of Directive 83/349/EEC, and whose occupation includes the issuing of credit ratings. For the purposes of Article 4, paragraph 3, letter a), the group of credit rating agencies will also include credit rating agencies established in third-party countries.

A Member State in which the credit rating agency has its corporate address.

A debt-issuing company, which a rating company analyses and evaluates, to provide a credit rating of it.

The use of credit ratings for the specific purpose of complying with Community law, as has been incorporated into the laws of the Member States.

Rating Methodologies describe the analytical framework used by axesor rating committees in assigning credit ratings. The methodologies establish the key analytical factors axesor considers determining of credit risk. They describe the main qualitative and quantitative considerations used in the determination of the ratings.

A report regarding the creditworthiness of an entity, a debt or a financial obligation, an obligation, a preferred share or other financial instrument, or of the issuer of such a debt or financial obligation, obligation, or preferred share or other financial instrument, issued using an established and defined ranking system of the ratings categories.

Long-term ratings are assigned to issuances with a maturity exceeding one year.

A financial instrument or other assets resulting from a securitization operation or mechanism, as provided in Article 4, point 36, of Directive 2006/48/EC.

The axesor project finance rating aims to analyse the risk associated with the payment obligations contracted by a corporation, normally constituted for the construction and/or operation of some infrastructure/concession, and is limited only to the company SPV (Special Purpose Vehicle), and the associated project.