ARC Ratings’ Criteria for assigning credit ratings to Financial Institutions starts with an overview of the macro factors affecting the operational and economic environment in which the entity operates, continues with the credit risk profile and finishes with external support assessment. The analysis leads to the assignment of the Issuer Credit Rating (ICR).  The analytical framework is built on two pillars: Stand‑Alone Assessment (Operational & Economic Environment, Financial Profile, Business Profile, Governance & Risk Management) and External Support Assessment (any potential for external support). The result of combining the Stand-Alone Assessment and External Support Assessment is the ICR.