Consultancy Services for an Independent Issuer and Debt Instrument Credit Rating

The main objective of the assignment is to deliver an independent issuer credit rating and proposed debt instrument rating, supported by transparent methodologies.

The rating agency shall apply its disclosed and consistently implemented corporate and debt instrument credit rating methodologies, relevant regulatory requirements and recognized credit rating governance practices. As applicable, the assessment shall address: Corporate issuer rating criteria, including business risk, financial risk, liquidity and management/governance factors. Debt instrument rating criteria, including seniority, security, structural features, recovery considerations and any applicable credit enhancement. Applicable Capital Markets Authority of Kenya requirements, NSE rules/guidance and other Kenyan laws, regulations and disclosure requirements. Relevant rating-agency registration, licensing or recognition requirements applicable to the proposed market and distribution of ratings. Recognized standards for rating committee governance, analytical independence, conflicts management, publication and surveillance. Any other rating criteria considered material by the agency, with the relevance clearly explained.

The final rating reports shall identify the rating class (issuer and/or issue), national or international scale, rating symbol and definitions, outlook/watch status where applicable, principal rating drivers, key assumptions, sensitivities, rating triggers, relevant criteria and any limitations. Agencies may present analytical factors in accordance with their own published methodologies; no specific scorecard, weights or factor taxonomy is prescribed.

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UNDP Kenya Country Office Procurement Unit