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Criteria|Corporates|General:CorporateMethodologyGlobalCriteriaOfficer,CorporateRatings:MarkPuccia,NewYork(1)212-438-7233;mark.puccia@standardandpoors.comChiefCreditOfficer,Americas:LucyACollett,NewYork(1)212-438-6627;lucy.collett@standardandpoors.comEuropeanCorporateRatingsCriteriaOfficer:PeterKernan,London(44)20-7176-3618;peter.kernan@standardandpoors.comCriteriaOfficer,AsiaPacific:AndrewDPalmer,Melbourne(61)3-9631-2052;andrew.palmer@standardandpoors.comCriteriaOfficer,CorporateRatings:GregoireBuet,NewYork(1)212-438-4122;gregoire.buet@standardandpoors.comPrimaryCreditAnalysts:MarkSMettrick,CFA,Toronto(1)416-507-2584;mark.mettrick@standardandpoors.comGuyDeslondes,Milan(39)02-72111-213;guy.deslondes@standardandpoors.comSecondaryContacts:MichaelPAltberg,NewYork(1)212-438-3950;michael.altberg@standardandpoors.comDavidCLundberg,CFA,NewYork(1)212-438-7551;david.lundberg@standardandpoors.comAnthonyJFlintoff,Melbourne(61)3-9631-2038;anthony.flintoff@standardandpoors.comPabloFLutereau,BuenosAires(54)114-891-2125;pablo.lutereau@standardandpoors.comTableOfContentsSUMMARYOFTHECRITERIASCOPEOFTHECRITERIAIMPACTONOUTSTANDINGRATINGSEFFECTIVEDATEANDTRANSITIONMETHODOLOGY(cont.)A.CorporateRatingsFrameworkB.IndustryRiskC.CountryRiskD.CompetitivePositionE.CashFlow/LeverageF.Diversification/PortfolioEffectG.CapitalStructureH.FinancialPolicyI.LiquidityJ.ManagementAndGovernanceK.ComparableRatingsAnalysisSUPERSEDEDCRITERIAFORISSUERSWITHINTHESCOPEOFTHESECRITERIARELATEDCRITERIAAPPENDIXESA.CountryRiskB.CompetitivePositionC.CashFlow/LeverageAnalysisD.Diversification/PortfolioEffectE.FinancialPolicyF.CorporateCriteriaGlossary|Corporates|General:CorporateMethodology(Editor'sNote:We'verepublishedthisarticleonDec.16,2013tomakesomeadjustmentstolanguage.Theseadjustmentshavenoimpactonourratingsortheeffectivedateofthecriteria.)1.Standard&Poor'sRatingsServicesisupdatingitscriteriaforratingcorporateindustrialcompaniesandutilities.Thecriteriaorganizetheanalyticalprocessaccordingtoacommonframeworkandarticulatethestepsindevelopingthestand-alonecreditprofile(SACP)andissuercreditrating(ICR)foracorporateentity.2.ThisarticleisrelatedtoourcriteriaarticlePrinciplesOfCreditRatings,whichwepublishedonFeb.16,2011.SUMMARYOFTHECRITERIA3.ThecriteriadescribethemethodologyweusetodeterminetheSACPandICRforcorporateindustrialcompaniesandutilities.Ourassessmentreflectsthesecompanies'businessriskprofiles,theirfinancialriskprofiles,andotherfactorsthatmaymodifytheSACPoutcome(seeGeneralCriteria:Stand-AloneCreditProfiles:OneComponentOfARating,publishedOct.1,2010,forthedefinitionofSACP).Thecriteriaprovideclarityonhowwedetermineanissuer'sSACPandICRandaremorespecificindetailingthevariousfactorsoftheanalysis.Thecriteriaalsoprovideclearguidanceonhowweusethesefactorsaspartofdetermininganissuer'sICR.Standard&Poor'sintendsforthesecriteriatoprovidethemarketwithaframeworkthatclarifiesourapproachtofundamentalanalysisofcorporatecreditrisks.4.Thebusinessriskprofilecomprisestheriskandreturnpotentialforacompanyinthemarketsinwhichitparticipates,thecompetitiveclimatewithinthosemarkets(itsindustryrisk),thecountryriskswithinthosemarkets,andthecompetitiveadvantagesanddisadvantagesthecompanyhaswithinthosemarkets(itscompetitiveposition).ThebusinessriskprofileaffectstheamountoffinancialriskthatacompanycanbearatagivenSACPlevelandconstitutesthefoundationforacompany'sexpectedeconomicsuccess.Wecombineourassessmentsofindustryrisk,countryrisk,andcompetitivepositiontodeterminetheassessmentforacorporation'sbusinessriskprofile.5.Thefinancialriskprofileistheoutcomeofdecisionsthatmanagementmakesinthecontextofitsbusinessriskprofileanditsfinancialrisktolerances.Thisincludesdecisionsaboutthemannerinwhichmanagementseeksfundingforthecompanyandhowitconstructsitsbalancesheet.Italsoreflectstherelationshipofthecashflowstheorganizationcanachieve,givenitsbusinessriskprofile,tothecompany'sfinancialobligations.Thecriteriausecashflow/leverageanalysistodetermineacorporateissuer'sfinancialriskprofileassessment.6.Wethencombineanissuer'sbusinessriskprofileassessmentanditsfinancialriskprofileassessmenttodetermineitsanchor(seetable3).Additionalratingfactorscanmodifytheanchor.Theseare:diversification/portfolioeffect,capitalstructure,financialpolicy,liquidity,andmanagementandgovernance.ComparableratingsanalysisisthelastanalyticalfactorunderthecriteriatodeterminethefinalSACPonacompany.7.Thesecriteriaarecomplementedbyindustry-specificcriteriacalledKeyCreditFactors(KCFs).TheKCFsdescribetheindustryriskassessmentsassociatedwitheachsectorandmayidentifysector-specificcriteriathatsupersedecertain