> For the complete documentation index, see [llms.txt](https://documentation.carbonregistry.com/documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://documentation.carbonregistry.com/documentation/icr-program/ratings-and-risk-assessment.md).
# Ratings and Risk Assessment
Ratings and risk assessments are project integrity processes integrated into the ICR project cycle to support transparency, comparability, risk-based program administration, adjustment account management, and continued oversight of projects and International Carbon Credits (ICCs).
Ratings and risk assessments are separate from validation and verification. They do not replace independent validation or verification by an approved validation and verification body (VVB), and they do not replace ICR review or ICR decision-making.
Within the ICR Program, ratings and risk assessments may be initiated, updated, or maintained at different points in the project lifecycle, including registration, monitoring, verification, issuance, conversion of ex-ante ICCs to ex-post ICCs, crediting period renewal, routine assessment, integrity assessment, or other project-cycle events.
### Purpose
Ratings and risk assessments support the integrity and transparency of the ICR Program by providing additional information on project quality, project risk, risk mitigation requirements, and relevant project-level developments.
They may support:
* transparency and comparability of projects;
* market confidence and access to project-level integrity information;
* risk-based administration of ICCs;
* adjustment account contribution requirements;
* insurance, guarantee, warranty, or other risk mitigation determinations;
* issuance and conversion conditions;
* enhanced monitoring or reporting requirements;
* continued listing and oversight of projects; and
* public disclosure of relevant rating or risk information, where applicable.
### Partnered assessment providers
ICR has partnered with MSCI to conduct independent project ratings under the ICR Program.
ICR has also partnered with Kita to support and conduct risk assessments under the ICR Program.
MSCI and Kita perform distinct functions within the ICR project cycle. Their assessments do not replace validation, verification, ICR review, registration, issuance, conversion, adjustment account management, or any other ICR Program decision.
### Project ratings
Project ratings provide an independent assessment of project quality, selected project risks, and relevant information made available during the project cycle.
Ratings support transparency, comparability, and market confidence by making additional project-level information available to market participants, project proponents, buyers, investors, insurance providers, and other stakeholders.
Project ratings are conducted independently by MSCI. ICR may facilitate access to project information, coordinate registry processes, support information flows, and publish rating information through the ICR registry platform or other public channels. ICR does not determine, control, approve, amend, or guarantee the rating outcome.
[Project ratings](/documentation/icr-program/ratings-and-risk-assessment/project-rating.md)
### Risk assessments
Risk assessments support ICR’s risk-based program administration and may inform adjustment account contributions, insurance or guarantee requirements, issuance conditions, conversion conditions, enhanced monitoring, continued listing, suspension, or other measures required to maintain program integrity.
Risk assessments may consider non-performance risk, non-permanence risk, non-corresponding adjustment risk, counterparty risk, country risk, technical risk, financial risk, governance risk, natural catastrophe risk, insurance or guarantee risk, and other relevant risk categories.
Risk assessments are supported and conducted by Kita under the ICR Program. Risk assessment outputs may inform ICR’s risk-based administration, but decisions relating to registration, issuance, conversion, adjustment account management, continued listing, suspension, and other ICR Program measures remain with ICR.
[Risk assessments](/documentation/icr-program/ratings-and-risk-assessment/risk-assessment.md)
### Relationship to validation and verification
Validation and verification remain independent conformity assessment activities conducted by approved VVBs.
[Validation and verification](/documentation/icr-program/validation-and-verification.md)
Ratings and risk assessments are not validation or verification opinions and should not be interpreted as confirmation of conformity with ICR requirements, ISO 14064-2, ISO 14064-3, an applied methodology, or any other applicable criteria.
Ratings and risk assessments provide additional transparency and risk information while preserving the distinct roles of project proponents, VVBs, MSCI, Kita, and ICR.
### Relationship to ICR review and program decisions
ICR review and ICR Program decisions remain the responsibility of ICR.
Ratings and risk assessments may provide relevant inputs to ICR’s administration of projects and ICCs, including in relation to transparency, risk management, adjustment mechanisms, issuance conditions, conversion conditions, continued listing, and oversight.
However, ratings and risk assessments do not, by themselves, constitute registration, issuance, conversion, approval of a project change, Article 6.2 designation, external scheme-related designation, or any other ICR Program decision.
