As of 2026, the statistical models of ICASes (S-ICASes) are included among the ECAF sources to assess small and medium-sized enterprises (SMEs), many of which are not assessed by other sources (Duarte et al., 2025). Full ratings are required for large firms. Under this framework, the ICAS expert assessment will progressively concentrate on large firms. To support the specialization of expert assessment by firm size, we have conducted a review of methodologies used by external rating sources to assess large non-financial firms, with a view to identifying best practices and recent developments.
Esposito, L., Franzoni, M., Guglielmi, M., Iannamorelli, A., Sorgente, R., The Credit Assessment of Large Firms, in Antonio Scali, A. S. (ed.), Corporate Credit Analysis and AI. Advancing the Rating System at a Central Bank, Springer, Cham, Svizzera 2026: 2026 214- 232 [https://hdl.handle.net/10807/333258]
The Credit Assessment of Large Firms
Esposito, LorenzoPrimo
;
2026
Abstract
As of 2026, the statistical models of ICASes (S-ICASes) are included among the ECAF sources to assess small and medium-sized enterprises (SMEs), many of which are not assessed by other sources (Duarte et al., 2025). Full ratings are required for large firms. Under this framework, the ICAS expert assessment will progressively concentrate on large firms. To support the specialization of expert assessment by firm size, we have conducted a review of methodologies used by external rating sources to assess large non-financial firms, with a view to identifying best practices and recent developments.
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