ICR (Issuer Credit Rating)
Corporate Credit Analysis glossary · Ratings, Syndication & Market Dynamics
Definition
A rating on an obligor as a whole, distinct from a rating on a specific instrument. The anchor for instrument ratings, which are then notched up or down based on recovery prospects.
ICR (Issuer Credit Rating) in plain English
An Issuer Credit Rating grades the whole company — its overall ability to pay its debts — rather than any single loan or bond it has issued. That distinction matters because one company can owe several different debts, and some are safer than others depending on who gets paid first and what assets back them. So analysts start with this company-wide rating as a home base, then "notch" a specific bond up or down from it based on how much you'd likely recover on that particular debt. It's like giving a restaurant an overall health grade, then adjusting the score for its individual dishes depending on how each one is handled.
Also called: Issuer Credit Rating
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