Green Evaluation

Our green evaluations provide a relative ranking of debt instruments based on our forward-looking opinion on their ability to deliver environmental benefits via their financing or refinancing of specific assets. Green evaluation is a tool for issuers, investors and other market participants to decide whether a debt instrument’s green attributes are consistent with their internal environmental objectives. Our green evaluation framework is structured with reference to the Green Bond Principles.
Green evaluation is a score out of five that corresponds to one of five categories ranging from Green Evaluation is not a credit rating. Green Evaluation does not in any way assess an issuer’s ability and willingness to fulfil its financial obligations on time and in full. Green Evaluation also does not account for a debt instrument’s recovery prospects in the event of default.
Our green evaluations may be performed either pre- or post-issuance.
Rating Scale
Green Category, which is the output of the Green Evaluation, will be on a scale of 5 levels from ‘very strong’ to ‘very weak’, please refer to the illustrations below:
• Very Strong (Green Evaluation Score≥ 4.5)
The instrument has a very strong ability to deliver environmental benefits via its (re)financing of specific assets.
• Strong (Green Evaluation Score:3.5 – 4.5)
The instrument has a strong ability to deliver environmental benefits via its (re)financing of specific assets.
• Moderate (Green Evaluation Score 2.5 – 3.5)
The instrument has a moderate ability to deliver environmental benefits via its (re)financing of specific assets.
• Weak (Green Evaluation Score 1.5-2.5)
The instrument has a weak ability to deliver environmental benefits via its (re)financing of specific assets. Very Weak < 1.5 The instrument has a very weak ability to deliver environmental benefits via its (re)financing of specific assets. An instrument would be considered “Very Weak” if it is assigned a score of ‘1’ on any of the use of proceeds, process for project evaluation and selection, management of proceeds, or reporting sub-factors.