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Source Issuer Rating
AA_DE VGH Provinzial .. A+
AA_DE IDEAL Versicher.. A
AA_DE Neue Bayerische.. A+
AA_DE VGH Landschaftl.. A+
JCRER - 2018-03-15
JCR Eurasia Rating has affirmed the credit ratings of Ak Faktoring A.Ş. and “Cash Flows arising from Bond Issuances” as ‘BBB+ (Trk)’ on the Long Term National Scale and A-2 (Trk) on the Short Term Nat

JCRER - 2017-09-29
JCR Eurasia Rating has reaffirmed the credit ratings of the consolidated structure of “Boyner Perakende ve Tekstil Yatırımları Anonim Şirketi and its Subsidiary “and “Cash Flows Relating to the Outsta

JCRER - 2017-09-29
JCR Eurasia Rating has reviewed and affirmed the credit ratings of T.C. Ziraat Bankası A.Ş. and its Consolidated Structure as ‘AAA (Trk)’ on the Long Term National scale and ‘BBB-‘ on the Long Term In

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Spread Research
Country of Residence:
Languages spoken:
English, French

Spread Research is a France based CRAs established in 2004 focusing on European SMEs, High Yields and Convertible bond issuers. Spread Research operates both under the investor-pays model and issuer-pays model.

Registered as CRA in the EU:
Certified as CRA in the EU:
ECAI Status:
European Union

Registration status in the EU: Spread  is registered as CRA with ESMA since July 1st, 2013.

Since 1. January 2014, SPRR is also a recognized ECAI across the whole European Union. 

On November 1st, 2016, the following mapping of ECAI ratings to the 6 Credit Quality Steps under the Standardized approach for Banks (Capital Requirements Regulation, CRR) and the 7 Steps under Solvency II for insurances in the EU entered into force:


To see how this agency’s mapping compares with other agencies, please read our dedicated page on the EU ECAIs.

SPRR is considered a small Credit rating agency for the purpose of Article 8d of CRAIII. 

Market Segments Covered:
Other Corporates
Countries Covered:
Business Model:
mixed model

Business model: SPRR operates both under the investor-pays model and issuer-pays model.

Coverage: According to SPRR’s website, the agency covers currently around 250 issuers on a global basis (160 European High Yield issuers, 40 European Convertibles and 55 Emerging Market Corporations.

Availability of ratings and reports at website: while SPRR lists all the issuers covered and the latest research available, you will need to subscribe with SPRR to get the rating reports. SPRR ratings are available at Bloomberg