Rating reports created by JCR-ER in line with legal rules, national and international rating traditions, ratings and outlook of ratings are reviewed, updated, and published under the following criteria.

Updating the Rating Report

Rating reports prepared by JCR-ER within the scope of the contract drawn up with the customer requesting the rating, in accordance with the applicable legislation, international rating regulations and traditions, within the scope of its internal methodology; They are arranged with a 1-year perspective, as they express an opinion on the future creditworthiness of the rated institution or debt instrument. Thereby, as a rule, it is essential to update the reports once a year, except in exceptional cases (such as change in the top management of the organization, ongoing independent audit work, merger, acquisition and so on). In special cases, a statement is made explaining the exceptional situation and informing the public about the update schedule.

The rating process begins with the initial rating of the institution or debt instrument by the JCR-ER and the publication of the report. After the rating report is completed and shared with the public in accordance with the institution and legislation, the "monitoring process" continues until the next report is published. The analytical team stays in constant contact with the rated institution throughout this process, providing information and documents when necessary, monitoring and noting developments that may affect the creditworthiness. Because the validity date of the most recent published rating report is one year as a rule, the JCR-ER analysis team contacts the relevant institution a reasonable amount of time before the rating report's one-year validity period expires, and the information/document supply and working process for updating the report and rating begins. Its goal is to link the process of updating the report to a calendar with ongoing communication. Mutual communication between the rated organization and the analytical team determines the updated calendar.

On the other hand, the updated credit rating report may be completed before or after the twelve-month period expires due to the natural flow of business life, the flow rate of information from the institution, and the need for additional analysis. If the rating report's update period exceeds the twelve-month period by a significant amount, JCR-ER shares the situation with the public, along with its justifications, an opinion on the validity of the current ratings and outlooks, and information on when the process is expected to be completed.

Updating the Rating

Although the rating given for the institution or debt instrument may vary according to the scope of the contract made with the institution or debt instrument and the said institution, basically: divided into groups as Long-Term National, Short-Term National, Long-Term International Foreign Currency, Short-Term International Foreign Currency. Long Term Ratings are determined and published based on a 1-year perspective. Short-Term Ratings, as a rule, are in line with Long-Term Ratings, but are determined by taking special circumstances into account.

Generally, it is essential that the rating is updated every twelve months period. JCR-ER continues to monitor the institution after the rating procedure is completed in order to detect any further changes or effects on the institution. For this purpose, it constantly requests financial statements and reports, continues meetings with the management, and monitors sectoral and macroeconomic developments. Special attention is paid to the continuity of relations with the management of companies and institutions that provide rating services. Within this scope, it is aimed to always maintain the up-to-dateness of the rating, in order to make comprehensive evaluations on a quarterly basis. On the other hand, if it is determined as a result of the evaluation that the current rating is preserved, no special explanation is made regarding this situation. However, if it is concluded during the monitoring period that the rating has changed positively or negatively as a result of the evaluation, this information is immediately shared with the institution and the public when the evaluation is completed.

If the rating needs to be changed before the twelve-month term is over, no separate report is prepared, and the rating change is announced in a press release, along with the reasons for the change. The re-determined ratings and the primary rating criteria that JCR-ER will follow in the following period are included in the press release. In the event of such an update, regardless of the date of the update, the current rating report is made twelve months following the previous report.

Updating the Outlook

Ratings are each paired with of one of three "Outlook" classes: Positive, Stable, and Negative. The outlook includes a view of the direction the JCR-ER-issued ratings are likely to take during the twelve-month review process. The outlook includes a view of the likely direction the JCR-ER-issued ratings are likely to take during the twelve-month review period. In this context, the outlooks regarding the ratings are monitored and updated within the scope of the policy on updating the ratings.

In summary, JCR-ER determines and updates its report, rating, and outlook revision policies in accordance with legal regulations, generally accepted rating practices and internal methodology. The ratings and reports issued by JCR-ER are intended to reflect the current status of the rated institution and in this context, JCR-ER shows the necessary care and effort. In general, the decided ratings are expected to be valid for a period of twelve months, on the other hand, if necessary, the rating and outlook might be changed without waiting for the period to expire. In this case, the updated rating and outlook are shared with the public in a press release, and a separate report is not prepared.