Process and Stages of Rating



Rating process starts when a written decision by the management of the company that wants to receive rating services reaches Kobirate. If the company is deemed appropriate within the scope of “Ethical Rules Regulations” approved by Kobirate Board of Directors, it is examined in terms business line, team and technical infra structure. Contract with the company is signed only after the approval of Kobirate Board of Directors.   

Rating process starts with signing of Rating Service Contract (prepared as three copies by Kobirate) and its appendixes by officials. Kobirate General Manager and / or Assistant General Manager assigns in writing Rating Specialist and / or Specialists and Analyst and / or Analysts who will work in the rating process. Their information is sent to the company in writing. Assigned rating specialists and analysts have no duty at the stages of contract and determining the service fee.


First meeting between Kobirate officials and company managers aims to provide information to the company on rating and its processes, rating methodology, rating grades and results, as well as the running of rating contract process and rights and responsibilities of the parties during this process.

This first meeting with the company management is an important part of the rating process; therefore it is very important for managers and partners who are authorized to represent and bind the company to attend it.



  1. Request of Information and Documents and Their Preparation

    At this stage, Kobirate provides the company with a list of information and documents that it deems necessary in order to form a sufficient opinion about it.  This can be an already prepared standard information and documents list or there may be changes on the list, taking company’s line of business and features of the sector into account. As required by its Ethical Rules Regulation, which has been disclosed to public, Kobirate firmly sticks with the principle Privacy.

    It is basically important for Kobirate to receive the information and documents that it requested as soon as possible. Company officials can ask for help from Kobirate - through phone or meetings - in order to clarify the information and documents that are requested by Kobirate. Conditions to cancel the contract due to not receiving requested information and documents in time and not having them being sent through digital environment are stated clearly in the contract. Rating Specialists and Analysts are given sufficient time to complete the examination of documents and information.  Rating Specialists and Analysts may visit the company during this period.  


  1. Discussing Information and Meeting with Managers

    Meetings (Due – Diligence) are organized after Rating Specialists and Analysts complete the examination of documents and information. The agenda of these meetings are determined by the examination and company’s managers and partners attend them. Rating Specialists sent the subjects to be discussed at these meetings to the company in writing, in order to ensure that company is prepared. Head of different sections of the company may be invited to these meetings. 


After completion of their work, rating specialists and analysts present a report, which includes their assessment of the company based on information they received and interviews they did, to Kobirate Credit Rating Committee. It is essential that this presentation of information and documents, which are used to determine the rating grade, is done by rating specialists who took place in the rating process. The presentation of the rating specialist includes stages of company’s rating, assessment processes of data, important elements in rating and their analyses, sector assessments, analyses of qualitative and quantitative data and opinions of the rating specialist.

Kobirate Credit Rating Committee comprises at least three persons. It has been established in accordance with the communiqués of regulatory authorities and these authorities have its membership list. In order to help with rating decision, Kobirate Credit Rating Committee can make of opinions and suggestions of Advisory Board members.  Kobirate’s final decision on the rating grade is taken by Credit Rating Committee on the suggestion of rating specialist.


The rating grade, which is finalized with the decision of Kobirate Credit Rating Committee, is sent to the company and relevant institutions in writing and reasons for the grade are explained. The company has the right to accept the grade and disclose it to public, to accept it and not to disclose and to refuse it. In this subject the items of contract are valid.


In the eye of investors, credit institutions, regulatory authorities and financial markets, Kobirate is responsible for making right rating decision and proving it. After the completion of rating process, Kobirate continues to monitor the rated company in order to see if there are any changes that have taken place in the company and their possible impact on the rating grade. To this end, it demands updated financial data and reports from the companies (The time in which the rating should be renewed when new information about the debtor received is determined as 90 days by BIS). Kobirate stays in communication with the company management and watches industrial and macro economic developments that affect it closely. Being in constant communication with the managers of the company, which is provided with rating services, is an essential element. 




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