In addition to editorial changes, it provides clarifications on (i) the acceptable notch difference between the probability of default and expected loss model result and (ii) the definition of local and foreign currency ratings. It also provides clarifications on (iii) the assessment of inflation, interest rate and foreign exchange risk; (iv) our own analytical base case and sensitivity analysis; (v) the calculation of the probability of credit impairment events; and (vi) the assessment of the accuracy of third-party cash flow model and further information on monitoring of the ratings.

The proposed changes are minor and, as a result, outstanding ratings are not affected.

Download the updated Project Finance Rating Methodology here or on www.scoperatings.com