‘AAA’ ratings denote the highest prospect ve viability of FS&I attributes in the BDO Zone and the lowest expectation of default risk over time. They are assigned only in cases of exceptionally strong fundamental characteristics related to feedstock supply chain and infrastructure capacity. This capacity is highly unlikely to be adversely affected by foreseeable events.

‘AA’ ratings denote very high prospective viability of FS&I and very low expectations of default risk in the Zone. They indicate very strong ongoing capacity of the region to support new biobased plant operations. This capacity is not significantly vulnerable to foreseeable events.

‘A’ ratings denote a high prospective viability of FS&I and low expectations of default risk in the Zone. The capacity to support new biobased plant operations is considered strong. However, this capacity may be more vulnerable to adverse weather, supply chain, economic, or infrastructure conditions than is the case for higher ratings.

‘BBB’ ratings denote good prospective viability of FS&I, and expectations of FS&I risk are currently low in the Zone. The capacity to support new biobased plant operations is considered adequate, but adverse weather, supply chain, economic, or infrastructure conditions are more likely to impair this capacity over time. This is the limit of Investment Grade ratings.

‘BB’ ratings indicate moderate prospects for the establishment and ongoing viability of FS&I attributes in the Zone with an elevated vulnerability to risk in the Zone, particularly in the event of adverse changes in business or economic conditions over time. However, good redundancy or flexibility exists within or outside of the Zone to support the maintenance of a functioning supply chain, with additional expenses outside of rating limits.

‘B’ ratings denote weak prospects for the establishment and ongoing viability of FS&I attributes in the Zone with a material vulnerability to risk, particularly in the event of adverse changes in weather, supply chain, economic, or infrastructure conditions over time. A limited margin of safety remains, primarily through access to redundant feedstock capacity or supply chain attributes outside the Zone. The capacity is vulnerable to deterioration in the business and economic environment.

‘CCC’ ratings denote very weak prospects for the establishment and ongoing viability of FS&I attributes in the Zone with high vulnerability to key FS&I risk indicators. There is a low margin of safety for a prospective supply chain, with supply chain default deemed a real possibility. Low supply redundancy (i.e., low BAM), lack of key infrastructure attributes, or high estimates of delivered feedstock cost may drive CCC ratings.

‘CC’ ratings denote extremely weak prospects for the establishment and ongoing viability of FS&I attributes in the Zone with an extremely high vulnerability to key FS&I risk indicators. A low supply redundancy (i.e., very low BAM), inability to mitigate key infrastructure risks or develop infrastructure requirements, or extremely high cost of delivered feedstock. A very low margin of safety for a prospective supply chain, where the supply chain is not possible to establish, and/or default is deemed likely.

‘NR’ ratings are issued in cases where FSI&I risk is deemed higher than “CC”.