Credit rating
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The Law and Lore of Repackaging
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A “credit rating” may refer to a long-term credit rating, or a rating of the likelihood of repayment of principal at maturity on a specific bankruptcy remote structured note.
If you are not in the structured notes game, you are probably thinking of the former:
Long-term credit rating
/ˈlɒŋtɜːm ˈkrɛdɪt ˈreɪtɪŋ/ (n.)
A formal assessment by a recognised credit rating agency of an entity’s creditworthiness and overall ability to meet its long-term financial obligations in light of its financial strength, business stability and management quality as well as industry conditions. Long-term credit ratings are usually designated in ratings scales like AAA to D (S&P and Fitch) or Aaa to C (Moody’s)
If you are in the structured notes game you are probably thinking of the latter:
Repayment of principal at maturity
also a “ROPAM rating”
/riːˈpeɪmənt ɒv ˈprɪnsəpᵊl æt məˈʧʊərəti/ (n.)
A means of credit rating structured notes issued by bankruptcy remote espievies which addresses only the likelihood that the issuer will repay the principal of a specific structured note at its stated maturity date.
The rating is predicated on the bankruptcy remoteness of the issuing vehicle and the long-term credit rating of all the financial instruments and counterparties to which the espievie is exposed. No wider analysis of the creditworthiness of the structure takes place.
In either case, there is more information at the article in question.