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 The ratings universe used in this study includes both published and unpublished long-term credit ratings (LTCR)3 assigned across all geographical regions.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…