An Investor Subscription Credit Rating (ISCR) is a regulated credit rating assigned to a debt instrument and made available exclusively to eligible investors and lenders under a subscription agreement.
In the dynamic landscape of private credit, market participants can turn to Moody's Ratings to assess risks and help analyze opportunities. Leveraging over a century of credit risk expertise, our rating products bring transparency and accessibility to Private Credit transactions.
ISCRs may be requested either by eligible investors or lenders, or by the fund borrower or issuer, subject to applicable eligibility criteria.
ISCRs are regulated credit ratings issued or endorsed by a UK/EU‑registered Credit Rating Agency and may be available for use for regulatory purposes in accordance with applicable regulations. An ISCR may be subscribed to by one or more eligible investors or lenders.
ISCRs are assigned at the debt instrument level.
ISCRs are assigned using the same analytical processes, methodologies, rating scales, and rating committee governance applied to Moody’s Ratings’ public credit ratings. Analysis is conducted by Moody’s Ratings sector-specialist analytical team and concluded via a rating committee.
Eligible subscribers are granted controlled access to ISCR rating outputs through a secure electronic platform, subject to applicable distribution and confidentiality requirements.
Regulatory capital and risk management applications in eligible jurisdictions.
Internal investment analysis, governance, and risk assessment.
Note: ISCRs are offered exclusively to eligible investors and lenders under a subscription agreement and may be available, at the subscriber’s determination, for use for regulatory purposes in accordance with Article 4(1) of Regulation (EC) 1060/2009 (as amended / incorporated into UK law) (the UK/EU Credit Rating Agency Regulation), subject to jurisdictional eligibility and applicable regulations. ISCRs are not publicly disclosed and are subject to confidentiality and distribution restrictions.
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