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When to analysing historical movement of credit rating, sometime credit rating is put as Non-rated or NR.

Is there any industry acceptance definition of Non rated? Or is it just non availability of credit rating the cause of which may include Data issue?

Appreciate any insight on this subject.

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There is no industry-accepted definition of "Not-rated". It may depend on which rating agency you are talking about. I have seen bankers generally referring to Moody's, S&P and Fitch, and if none of the agencies rates the issuer, they call it not-rated (the issuer may still be rated by some domestic rating agency).

However, if you are taking into consideration whether the issuer is rated by some particular agency (say Moody's), "Not-rated" would simply mean not-rated by Moody's.

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