Methodology
How we rate, in summary: the rating scale, the score structure, the ratio groups, the qualitative assessment, the credit committee and the rating ceilings. Rating model version 2, 19 October 2026.
Rating scale
The rating is the step on the scale into which the total score out of 1000 points falls. The scale has 22 steps; each has a category and a short-term equivalent. D means default.
| Rating | Score range | Category | Short-term |
|---|---|---|---|
| AAA | 920–1000 | Investment grade | A-1+ |
| AA+ | 890–919 | Investment grade | A-1+ |
| AA | 860–889 | Investment grade | A-1+ |
| AA− | 830–859 | Investment grade | A-1+ |
| A+ | 800–829 | Investment grade | A-1 |
| A | 770–799 | Investment grade | A-1 |
| A− | 740–769 | Investment grade | A-2 |
| BBB+ | 710–739 | Investment grade | A-2 |
| BBB | 680–709 | Investment grade | A-3 |
| BBB− | 650–679 | Investment grade | A-3 |
| BB+ | 620–649 | Speculative | B |
| BB | 590–619 | Speculative | B |
| BB− | 560–589 | Speculative | B |
| B+ | 530–559 | Speculative | B |
| B | 500–529 | Speculative | B |
| B− | 470–499 | Speculative | B |
| CCC+ | 430–469 | High risk | C |
| CCC | 390–429 | High risk | C |
| CCC− | 350–389 | High risk | C |
| CC | 300–349 | High risk | C |
| C | 250–299 | High risk | C |
| D | 0–249 | Default | D |
Score structure
The total score has three components: financial 600, qualitative 300 and committee 100 points. A ratio that cannot be calculated, or a question that does not apply to the company, is removed from both the score and the maximum; the remaining items are scaled to their own maximum.
- Financial · 600
- Ratios from the financial statements, Altman Z’’ included
- Qualitative · 300
- Questions on the sector, management, operations and bank relationships
- Committee · 100
- Four criteria; the credit committee’s assessment
Ratio groups
The financial score comes from 27 ratios in 7 groups. Each ratio is graded against four thresholds and earns 100%, 75%, 50%, 25% or 0% of its weight. The share of each group in the financial score is shown below; thresholds and weights of individual ratios are not published, and the rated company’s report shows the value and level of each ratio.
| Group | Share | Ratios |
|---|---|---|
| Liquidity | 18.8% | Current ratio · Acid-test ratio · Cash ratio · Net working capital / total assets · Inventory / current assets |
| Financial structure | 23.4% | Total liabilities / total assets · Short-term liabilities / total liabilities · Financial debt / equity · Net financial debt / EBITDA · Fixed assets / long-term capital · Tangible fixed assets / equity |
| Operating efficiency | 14.1% | Receivables collection period · Inventory holding period · Cash conversion cycle · Asset turnover |
| Profitability | 18.8% | Gross margin · EBITDA margin · Net margin · Return on assets (ROA) · Return on equity (ROE) |
| Debt service capacity | 12.5% | Interest coverage (EBITDA / finance expense) · Finance expense / net sales · Debt service coverage · Bank loans / net sales |
| Growth | 6.3% | Real sales growth · Real equity growth |
| Altman Z’’ | 6.3% | Altman Z’’ (emerging markets) |
Growth ratios are calculated in real terms (adjusted for inflation). For a company without inventory, inventory ratios are left out of the score. Day-based ratios use a 365-day year. Shares are rounded.
Qualitative assessment
The qualitative score comes from 29 questions that the analyst answers on the basis of documents and meetings. Each question has five options worth 100%, 75%, 50%, 25% or 0% of its weight. A question that does not apply to the company is marked “Not applicable” and left out of the calculation.
| Section | Questions | Points |
|---|---|---|
| Sector and market | 6 | 60 |
| Ownership and management | 6 | 60 |
| Corporate governance, accounting and transparency | 6 | 60 |
| Operations | 6 | 60 |
| Financial flexibility and bank relationships | 5 | 60 |
Credit committee and rating ceilings
The credit committee reviews the analyst’s file and assesses four criteria; each carries 25% of the committee score. Levels: very positive (100%), positive (75%), neutral (50%), negative (25%), very negative (0%).
- Shareholder or group support. Including capital commitments.
- Outlook for the coming period. Orders, investment, projections.
- Credit structure, collateral and bank relationships. Adequacy of collateral, bank limits and relationships.
- The analyst’s overall view. Including information not in the statements.
Certain conditions set an upper limit on the rating regardless of the score. A ceiling does not change the score; it caps the rating. The committee may also set a ceiling. Conditions with a ceiling:
- Negative equity
- Annual net loss and negative EBITDA
- Default or restructuring record at the Credit Bureau (KKB)
- Outstanding bounced cheque, protest or enforcement record
- Financial statements not reliable
- Tax or social security attachment or enforcement proceedings
Short-term rating
Every long-term rating has a short-term equivalent, read for obligations of up to one year.
| Short-term | Long-term ratings |
|---|---|
| A-1+ | AAA, AA+, AA, AA− |
| A-1 | A+, A |
| A-2 | A−, BBB+ |
| A-3 | BBB, BBB− |
| B | BB+, BB, BB−, B+, B, B− |
| C | CCC+, CCC, CCC−, CC, C |
| D | D |
Probability of default
Each rating is mapped to a one-year probability of default: an indicator of the likelihood that the company fails to meet its financial obligations in the next twelve months.
The values are indicative values of the model and have not yet been calibrated with platform data. The probability of default does not change the score or the rating; it is shown according to the rating.
For this reason we do not publish the values by rating on this page. They appear in the rated company’s report, together with the rating and this explanation.
RatingMetre has applied to the Capital Markets Board (SPK) and the Banking Regulation and Supervision Agency (BDDK) for authorisation as a rating agency and is not yet authorised. Our ratings are not credit ratings under SPK Communiqué Serial VIII No. 51 or the BDDK Regulation and may not be used for regulatory purposes.
The full methodology, the change log and the detailed texts are in Turkish. Methodology page (in Turkish)