(Editors' note: This is an update of the commentary published on May 12, 2022, with minor changes on the cutoff points in table 7.)

According to our financial institution (“FI”) rating criteria, we typically determine the stand-alone credit profile (“SACP”) based on our assessment of an institution’s anchor, a starting point, and then incorporating its own characteristics compared with the anchor. The entity-specific factors that we may use to adjust from the anchor include business position, capital & earnings, risk position, and funding & liquidity. We then determine the issuer credit ratings (“ICR”) based on the SACP and our assessment of potential group or government influence in time of stress.