RapidRatings refers to private company rating updates as "refreshes".
RapidRatings twice yearly refresh campaign
Twice a year, we compile a list of the "outdated" ratings in your Master Portfolio (i.e. ratings based on financial data that is over 12 months old). Depending on your preference, we wait for your guidance on this list, or send it through to be refreshed after a certain deadline.
The default setting on the campaign is opt-out. Contact your Client Services Manager for more information, or to discuss different parameters
Other refresh cadences / ad-hoc requests
Outside of this campaign, or if you have requested a different setting (such as Opt-In), your refreshes are done on an as requested basis.
The refresh process is very simple. All you need to do is email email@example.com with your request. An introduction letter is not necessary
We recommend that our clients refresh a rating at least once a year, as the FHR score is a 12-month forward looking metric tied to the end date of the most recent financials submitted. So, if a counterparty has been rated on financials ending March 31, 2021, the FHR only provides insight to March 31, 2022, and should be updated at this point.
We also suggest waiting 1-2 months after a company’s fiscal-year-end before initiating a refresh to allow them the time to compile the necessary financial statements.
If the Target has an FHR below 40 (high risk or very high risk) or has an elevated importance to your business operations, we recommend updating the counterparty's FHR on a more frequent cadence, such as semi-annually or quarterly, dependent on the availability of updated financial statements and your own internal workflows or preferences.
Your Client Services Manager is there to help you build out a risk management program. Contact them today to discuss risk thresholds, risk management steps before and after RapidRatings, and program build-out