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Methodologies

The conclusion matters. So does the path to it.

AfCRA’s methodologies are designed to make the analytical path visible: from observable evidence, through validated indicators and composite dimensions, to an overall credit assessment.

Published analytical frameworks and clearly defined rating scales
Identifiable data and evidence sources
Explicit treatment of material judgement and uncertainty
Independent rating committees and documented decision processes
Version control, performance monitoring and periodic review
Continuous testing against observed credit outcomes
OBSERVABLE EVIDENCE
VALIDATED INDICATORS
COMPOSITE DIMENSIONS
OVERALL CREDIT ASSESSMENT
The AfCRA research wheel Verified evidence → continuous analysis → explainable outputs
Verified data inputs

DOCUMENTS

Financial reports, policy documents, disclosures, legal and regulatory filings

DATABASES

Official statistics, economic datasets, industry and sector data

MARKET SIGNALS

Market data, yield curves, credit spreads, equity and commodity indicators

ONLINE SUBMISSIONS

Issuer submissions, questionnaires, ratings templates and supporting evidence

IN-PERSON VERIFICATION

Management meetings, site visits, third-party verification and expert engagement

1 Economic Strength 2 Fiscal Capacity and Debt 3 External Resilience 4 Institutions and Governance 5 Monetary and Financial Stability 6 Business and Operating Risk 7 Liquidity and Funding 8 Management, Behaviour and Repayment Integrity OBSERVABLE EVIDENCE VALIDATED INDICATORS COMPOSITE DIMENSIONS CREDITWORTHINESS MEASUREMENT
Analytical outputs

RATING AND OUTLOOK

Forward-looking view of creditworthiness and outlook assessment

KEY DRIVERS

Principal factors underlying the rating and outlook

SENSITIVITIES

Factors that could lead to a rating change

SCENARIOS

Alternative paths and potential outcomes

INTERVENTIONS

Policy or strategic actions that could improve creditworthiness

AUDITABLE RATIONALE

Transparent, evidence-based explanation of the rating decision

EVIDENCE IN → ANALYSIS → OUTPUTS OUT

Verified evidence enters a continuously turning analytical system, is tested across interconnected rating pillars and emerges as an explainable rating, outlook, drivers, sensitivities, scenarios and auditable rationale.