GCR has published an update to the Criteria for Secured Bond Expected Loss Credit Ratings. The criteria is available for download at GCRratings.com/criteria. The criteria titled ‘Criteria for Secured Bond Expected Loss Credit Ratings’ is exclusively applied when according an Expected Loss (‘EL’) rating to specific listed or unlisted debt obligations, specifically when distinguishable security or collateral has been pledged to the holders of the debt, which improves their recovery prospects after an event of default (relative to senior claims).
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