File Format

What action indicator will appear when an "NR" (Not Rated) occurs?

Usually, RatingsXpress generates a "U" record when a rating is changed to "NR," and the rating (i.e., Entity, Issue/Maturity, Instrument) will no longer appear in subsequent Master files.

RatingsXpress generates the "D" (delete) action indicator only when the Issue, the Maturity and, in rare cases, the Entity is deactivated. If the "NR" and the deactivation occur at the same time, the "D" indicator will be generated. In general, the "D" indicator denotes that the Maturity is no longer active. No further activity on this Maturity will be sent, and the Maturity will be removed from the next Master file.

When will RatingsXpress generate a "Delete" (D) record?

RatingsXpress will generate the "D" (delete) action indicator only when the Entity, the Issue or the Maturity is deactivated.

How will I know when an Entity or Maturity has been removed from CreditWatch?

When an Entity or Maturity has been removed from CreditWatch, the feed generates a CreditWatch value of "NM" (Not Meaningful).

Why would I find a six-digit CUSIP in the GISF Issue/Maturity file?

Commercial Paper programs are found in the GISF Issue/Maturity and GISF Instrument files. In general, Commercial Paper programs are only assigned six-digit CUSIP numbers by the CUSIP Bureau.

Is it possible for an Entity to have only an issue-level rating?

Yes. Some Entities that are issuers of debt have that debt guaranteed by another Entity and do not have their own Issuer Credit Rating (ICR).

Why is the Currency Type Code missing in the PF Issue/Maturity file?

Since Public Finance files are comprised solely of U.S. Municipal Debt information, the currency will always be in U.S. Dollars.

Why do I see a Preliminary Rating Group code?

Preliminary ratings are issued to deals as pre-sale ratings. Once the deal is finalized, the preliminary rating is withdrawn,(the record is updated with a new ratings value of "NR,"), and then replaced with an actual rating.

Why do I find both Long-Term and Short-Term ratings combined in the Long-Term ratings field?

Standard & Poor's assigns dual ratings to all debt issues that have a put option or demand feature as part of their structure. The first rating addresses the likelihood of repayment of principal and interest when due, and the second rating addresses the demand feature only. Long-term debt ratings symbols are used for bonds to denote the long-term maturity. Commercial paper ratings symbols are used for the put option (e.g., 'AAA/A-1+'). With short-term demand debt, Standard & Poor's note rating symbols are used with the commercial paper ratings symbols (e.g., 'SP-1+/A-1+').
(Note: Dual ratings appear in the Maturity Long-Term Ratings Field.)

Why do I see the same Entity more than once in my Daily file?

The Daily file contains all the rating actions that occur from 3:00 PM the previous day to 3:00 PM the day the file is generated. An Entity can have multiple rating actions that occur within this time frame.

What is the maximum length of each data field in an ASCII file?

For detailed formatting information on various market sector files, see the Record Layout section.

Why are the Maturity Rating and the Maturity Rating Date fields null for the ratings group "BLERS_REC"?

The ratings group "BLERS_REC" does not carry a maturity rating, therefore the Maturity Rating and the Maturity Rating Date fields are null. You can see the rating and the rating date in the Maturity Long Term Rating field and the Maturity Long Term Rating Date field, respectively.

Why does my system display a record layout different from those presented in the online user guide?

RatingsXpress displays two control characters at the end of the record, i.e., "CR" and "LF," to make the line shift function properly for both Unix and Windows users. Also, the Word count (Wc) command works differently for various Unix systems.