The vocabulary of SANAD's ratings and how a rating is produced, reviewed and maintained.
A forward-looking opinion on an obligor's relative ability and willingness to meet its financial commitments, expressed on the Libyan national scale. It is not a recommendation to buy, sell or hold any security, nor investment advice.
Ratings rank Libyan obligors relative to one another only. The (LY) suffix marks the scale; national-scale ratings are not comparable to international-scale ratings and embed no opinion on Libya relative to other countries.
An opinion on obligations with an original maturity of up to 13 months, expressed on the F1+(LY) to D(LY) scale. Each short-term rating is derived from the issuer's long-term rating through the published correspondence table; any committee deviation from that correspondence is disclosed on the rating action.
The obligor's creditworthiness before any external support or drag — the output of the published factor scorecard applied to verified financial statements and qualitative assessment.
The committee's view of the likely rating direction over 12–18 months (positive, stable or negative), derived from multi-year fundamentals trends and published with the rating.
A flag that the rating is under close review — typically when information sufficiency deteriorates or a material event occurs. A watch is resolved by an affirmation, a change, or a withdrawal; it never persists silently.
Non-payment beyond any grace period, insolvency or equivalent ruling, licence withdrawal with obligations outstanding, or a distressed exchange leaving creditors materially worse off — as defined in the Key Concepts document.
A rating initiated by SANAD without a request from the rated entity, based on publicly available information; the entity pays no fee and its participation status is disclosed on every action.
A disclosed ceiling on the achievable rating when statements are stale, unaudited, or carry adverse or disclaimed audit opinions. The cap is re-applied after any support uplift and is lifted only by current audited disclosure.
State support can lift a rating toward the sovereign anchor; a weaker non-state controlling owner bounds it near the owner's credit estimate. Both channels are published in full in the External Support methodology.
A public-information exercise, not a committee-reviewed credit rating. Preliminary ratings are capped by the exercise ceiling and labeled as such wherever they appear.
Financial statements are extracted from primary documents, pass deterministic validation gates, and are confirmed by an analyst before use. The binding independence control — a committee approver who did not author the assessment — is applied at the rating decision.
The analyst scores the published factor scorecard; financial factors compute from verified figures, qualitative factors are documented with evidence.
The information-sufficiency cap, external support or drag, and stress testing apply in a fixed, disclosed order.
The rating committee approves the assessment or returns it for re-scoring with documented reasons — it does not adjust the mapped grade directly.
The action is published with its press release: headline, rationale, factors, components trail, regulatory disclosures and the named rating team.
Ratings are monitored continuously and reviewed at least annually; watch status flags urgent reviews, and every subsequent action joins the public record.