Issuer credit Ratings (ICRs)
An Issuer Credit Rating provides the capital markets with a general evaluation of an issuer's overall credit quality, independent of any specific debt issue. By offering a clear, well-regarded assessment of an issuer's fundamental credit standing, and ICR can provide valuable leverage in many types of transactions, including loans, leases, letters of credit and counterparty agreements. In addition, it helps a company's management understand how its credit standing affects its strategic and financial options. Just as important, an ICR can create instant identification for an issuer, particularly if the issuer is not currently engaged in the public capital markets, while establishing a relationship with Standard & Poor's well ahead of any financing.

Credit Assessment
Credit Assessments are preliminary indicators of credit-worthiness expressed in a broad rating category. They are not formal ratings. Determined through a review of summary information, Credit Assessments provide an evaluation of the general strengths and weaknesses of a company or a proposed financing structure. In many situations, they can serve as an effective first step toward a fully developed Standard & Poor's rating.

For example, Credit Assessments can play a valuable screening role for governments evaluating concession bids from different consortia. During the bid stage, they offer a valuable early insight into the financial viability of a proposed project. Likewise, governments, utilities or project sponsors can use Credit Assessments to evaluate the credit-worthiness of contractors hired to undertake large-scale infrastructure development projects.

Consortia bidding for concessions can also benefit from a Standard & Poor's Credit Assessment. For example, a Credit Assessment can be used to determine a consortia's ability to optimize its debt financing plans through bank, agency or capital markets.

Rating Evaluation Service
Standard & Poor's rating Evaluation Service provides a formal determination of the credit impact of business, strategic or funding initiatives under consideration by governments or organizations. It offers issuers a superior alternative to "best-guess" estimates of the credit implications of potential business ventures.

Developed by the same analytical team and rating committee that would normally assign ratings to an issuer's existing or proposed debt issues, rating outcomes determined through the Rating Evaluation Service can play a valuable role in internal strategic and financial planning. In addition, they offer a consistent, well-respected way to demonstrate the potential credit ramifications of important businesses or financial decisions to investors, lenders, counterparties and other key audiences.

Bond and Loan Ratings
Standard & Poor's Infrastructure Finance Ratings unit can provide ratings for open-ended or closed pools of collateralized bonds or loans. Whatever a portfolio's composition, our analysis begins with a thorough review of each individual component and includes an evaluation of the extent of overcollateralization and other structured supports for the debt. A Standard & Poor's portfolio review can serve as a central component of annual due diligence, or as an ad hoc analysis used to determine the entire risk profile of a specific portfolio. In addition, reviews can play an important role in the valuation of financial assets prior to purchase, sale or securitization.