KBRA Global Rating Stability and Transition Study: 2011-2024
This report provides an update on the stability of KBRA’s outstanding ratings, detailing how ratings have transitioned over various time horizons since the first rating was assigned in July 2011.1 The analysis is based on rating performance data through year-end 2024. As of that date, KBRA had assigned 39,741 ratings and effectuated approximately 139,229 affirmations, upgrades, and downgrades.2
KBRA assigns ratings in accordance with its rating scales. The ratings universe used in this study includes both published and unpublished long-term credit ratings (LTCR)3 assigned across all geographical regions. These ratings are assigned to issuers, transactions, and securities using the same rating scale. In all cases, KBRA’s ratings are intended to reflect both the probability of default and severity of loss in the event of default, with greater emphasis on probability of…
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KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.