Framework
IOSCO-Aligned Code
Analytical and conduct standards aligned to IOSCO's Code of Conduct Fundamentals for CRAs. Separation of analytical and commercial functions; committee-based score decisions.
09 · Governance
How we stay honest.
An AiGLe Score is only as credible as the governance around it. AiGLe operates to published analytical standards aligned with the IOSCO Code of Conduct Fundamentals for analytics providers, with conflict-of-interest controls, rotation requirements, and an independent analytical committee.
Regulatory
UK CRA Regulation
Engagement underway with the Financial Conduct Authority regarding the Credit Rating Agencies Regulation. Analytical opinions currently issued as analytical opinions on structured instruments, not credit ratings of debt securities.
Conflicts
Conflict Management
Issuer-paid fees disclosed per score. Analysts prohibited from holding positions in scored entities. Analytical rotation applied. Ancillary services segregated from analytics work.
Reporting
Accounting Standards
Underlying issuers reviewed under applicable reporting frameworks — UK GAAP (FRS 102) or IFRS as adopted by the UK. Financial statements of SPVs and guarantors reconciled to audited accounts where available.
Surveillance
Ongoing Surveillance
Quarterly surveillance of every public score. Trigger-based off-cycle reviews for material precedent changes, regulator action, guarantor credit events, or structural breaches.
Methodology
Published Criteria
Full methodology documents published and version-controlled. Material changes subject to market consultation. Historic score actions archived and traceable.
Appeals
Issuer Appeal Rights
Formal appeal process for scored issuers who believe material information has been misunderstood or factual errors made. Appeals heard by an independent committee distinct from the originating analytical team.
Integrity
Analytical Independence
Commercial teams have no input into score outcomes. Fee negotiation firewalled from analytical work. Annual compliance attestation and external review of methodology application.
AiGLe Scores are analytical opinions about the relative credit and recovery characteristics of the scored instrument, as at the score date, and are not recommendations to buy, sell, or hold any security. Engagement with the FCA under the UK Credit Rating Agencies Regulation is ongoing; pending completion, outputs are issued as analytical opinions on structured instruments rather than analytical opinions on debt securities.