This methodology represents S&P Global (China) Ratings' approach to considering the impact of common rating modifiers that may influence the ultimate issuer credit rating (ICR) or issue credit rating (issue rating) that we may assign. This methodology also considers the analysis of relative ranking of different securities and the associated impact on any rating that may be assigned. This methodology may apply to all ratings where rating modifiers and relative ranking may be relevant for any rating of the securities being issued.
sp-global-china-ratings-general-considerations-on-rating-modifiers-and-relative-ranking.pdf
