• MERIS assigns credit ratings on the National Rating Scale.
• A National Scale Rating (NSR) is an opinion of the relative creditworthiness of entities and issues in a particular country.
• NSRs are not designed to be compared between countries, rather they address relative risk within a given country.

NSR Criteria:

• NSRs take into account the intrinsic financial strength of the obligor.
• External support factors to the issue may be taken into consideration.
• Balance between qualitative and quantitative analysis.