NCR applies the so called "issuer-pays" business model whereby it enters an agreement with the issuer prior to a rating process. This model allows our analysts to engage with the issuer to develop a thorough understanding of its credit profile. It further allows all market participants to access the credit rating, enhancing transparency in the marketplace.
In order to manage the potential conflicts of interest which may arise due to this business model, our organization is divided into a commercial and an analytical division. Under this setup, the analytical organization is not aware of any commercial terms (such as the fee paid) between NCR and the issuer. The commercial organization is not involved in any analytical work, such as participating in committees or writing analytical reports.
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