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Financial guarantee guide

External Credit Assessment Institution (ECAI)

What is it?

An External Credit Reporting Agency is an independent company that assesses a company’s or government’s creditworthiness and ability to repay its debt.

How does it actually work?

ECAIs assign credit ratings that serve as a benchmark for investors to assess the risk associated with an investment in that company or state. Credit ratings can range from AAA, the highest rating, to D, the lowest rating.

The best known ECAIs are Moody’s, Standard & Poor’s and Fitch Ratings. They are often considered to be among the most influential and respected rating agencies in the world of finance.

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