On 23 Sep. 2026, Nordic Credit Rating (NCR) requested comments on proposed amendments to its Corporate Rating Methodology. Following the consultation and further internal review, we finalised the methodology for publication on 11 Nov. 2026.
This document summarises the main feedback received and the resulting changes. We made clarifications and targeted adjustments in response to the feedback and further internal review. These did not change the overall methodology framework.
We thank respondents for their input.
Summary of feedback and resulting changes
- Feedback included suggestions for editorial changes and corrections, clearer cross-references and improvements to selected figures and explanations. We made minor revisions to improve usability, consistency and clarity.
- Feedback requested flexibility to use alternative credit metrics in specific, unusual cases. We clarified that such metrics may be used where relevant and analytically justified.
- Internal feedback addressed management and governance considerations. We added dedicated guidance on when these factors may lead to rating adjustments, including where governance concerns are credit relevant despite the absence of misconduct or financial misstatement. Positive adjustments are limited to exceptional cases.
- Feedback requested clarification of the treatment of negative liquidity assessments. We clarified this treatment while retaining the existing cap on the standalone credit assessment.
- Feedback identified missing references to tenant diversification in some scoring categories. We added these references to the real-estate scoring guidelines.
- Following an internal review, we increased the portfolio-assessment weight for real-estate companies and reduced the weights for operating environment and market position, size and diversification.
- Feedback requested clarification of the scope of the utility criteria and the treatment of semi-regulated activities. We revised the wording to clarify both points.
- Feedback requested clarification of the distinction between ongoing owner support and extraordinary group or government support. We clarified the wording while retaining the existing analytical distinction.
Contacts:
Andreas Kindahl, Chief Rating Officer, +46 70 205 34 53,
andreas.kindahl@nordiccreditrating.com
Sean Cotten, Senior Lead Analyst, +46 73 560 03 37, sean.cotten@nordiccreditrating.com
criteria@nordiccreditrating.com