The General Corporate Methodology is only a merger of the three existing frameworks and our rating criteria remain unchanged.
As of the 15th of July 2024, EthiFinance Ratings has decided to merge its Long-Term, Short-Term and Instruments Corporate Methodologies into a single General Corporate Methodology.
Therefore, we are withdrawing the aforementioned three frameworks and replacing them with the General Corporate Methodology.
Our decision pursues the simplification of our current Framework architecture and is based on the close interrelationships that exist between the three methodologies.
In fact, the Corporate Long-Term methodology is the necessary starting point when initiating a short-term or an instrument rating.
This rationalisation of our frameworks does not imply any changes in our rating criteria and therefore the ratings under these methodologies are not affected by this change.
EthiFinance Ratings has also seized the opportunity to slightly adjust the calculation of its distressed EBITDA in the case of instrument rating for sub-investment grade issuers.
This non-material change results in no change in the ratings as per the impact test that was carried out.
