> 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/project-rating.md).

# Project Rating

Project ratings are independent project integrity assessments that support transparency, comparability, and market confidence in projects registered or seeking registration under the ICR Program.

Ratings may provide additional information on project quality, selected project risks, and relevant project-level information made available during the project cycle.

### Overview

Projects under the ICR Program are subject to an independent project rating where required by ICR.

ICR has partnered with MSCI to conduct independent project ratings under the ICR Program.

MSCI applies its own rating methodology, governance procedures, analytical judgement, quality assurance procedures, and rating processes. 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.

### Role of project ratings

Project ratings support transparency, comparability, and market confidence by providing an independent assessment of project quality and selected project risks.

Project ratings may support:

* transparency and public access to project-level integrity information;
* comparability between projects;
* market confidence;
* buyer, investor, insurer, and stakeholder understanding of project quality;
* continued monitoring of project information over time;
* publication of rating information through the ICR registry or other public channels; and
* ICR oversight where rating-related information identifies factual inconsistencies, unresolved issues, or material information relevant to program integrity.

### Timing of project ratings

Project ratings may be initiated, issued, or updated at defined points in the ICR project cycle.

A project design rating may be initiated or issued following registration. The project design rating may reflect the validated project design, applied methodology or methodological criteria and procedures, safeguards information, risk-related information, ownership information, baseline and additionality information, validation report, ICR review report, and other relevant project documentation.

Following verification of GHG emission mitigations, and as part of ongoing review, MSCI may issue or update the project rating. The rating may reflect verified performance, verification outcomes, monitoring data, issuance-related information, updated project documentation, material project developments, and any material changes to project design, implementation, monitoring, safeguards, risk-related information, or documentation.

Rating outcomes may be updated over time as the project progresses through monitoring, verification, issuance, conversion of ex-ante ICCs to ex-post ICCs, crediting period renewal, continued operation, routine assessment, or integrity assessment.

### Independence and limitations

Project ratings are conducted independently by MSCI.

ICR does not control the rating outcome, rating methodology, analytical judgement, rating category, assumptions, conclusions, or timing of any rating, except to the extent necessary to coordinate project-cycle processes and registry transparency.

ICR may facilitate the rating process by providing access to project documentation, supporting information flows, identifying project-cycle milestones, and publishing rating information. Such facilitation shall not be interpreted as ICR approval, endorsement, modification, or adoption of MSCI’s methodology, analytical judgement, or rating outcome.

A rating does not constitute approval, endorsement, validation, verification, certification, investment advice, legal advice, financial advice, or a guarantee of project performance, credit quality, market value, environmental outcome, permanence, non-performance, future issuance, continued eligibility, acceptance by any buyer, or acceptance by any third party.

### Relationship to validation, verification, and ICR decisions

Project ratings do not replace validation, verification, ICR review, registration, issuance, conversion of ex-ante ICCs to ex-post ICCs, risk assessment, adjustment account management, or any other ICR Program requirement.

Validation and verification remain independent conformity assessment activities conducted by approved VVBs.

ICR review and ICR Program decisions remain the responsibility of ICR.

A project rating does not substitute for any ICR eligibility requirement, VVB validation, VVB verification, ICR review, registration decision, issuance decision, conversion decision, adjustment account requirement, risk assessment requirement, or other ICR Program requirement.

### Publication and transparency

ICR may publish or display rating outcomes, rating categories, rating status, rating summaries, rating dates, rating updates, or links to rating information on the ICR registry platform or through other public ICR channels.

Publication of rating information supports transparency and enables market participants and interested stakeholders to consider independent rating information alongside ICR registration status, validation and verification documentation, issuance information, risk assessment information, project documentation, and other public project information.

Rating information may be updated when new information becomes available, including after registration, verification, issuance, conversion of ex-ante ICCs to ex-post ICCs, monitoring updates, material project changes, periodic rating review, or other relevant project-cycle events.

ICR may determine the manner in which rating information is displayed in the ICR registry. Rating information may be shown as a rating outcome, rating status, rating category, rating summary, link to an external rating report or platform, or other transparency information.

ICR may withhold or redact non-public rating inputs, working papers, commercially sensitive information, personal data, confidential assumptions, or other information that is not approved for publication.

### Project proponent participation

Project proponents, project developers, focals, and authorized representatives shall cooperate with rating processes where required under ICR requirements.

Cooperation may include:

* providing documentation or data;
* responding to clarification requests;
* correcting factual errors in information previously submitted;
* participating in data engagement processes;
* facilitating access to relevant personnel, records, systems, or project information; and
* providing explanations relating to project design, implementation, monitoring, data, assumptions, safeguards, ownership, baseline, additionality, leakage, non-performance, non-permanence, governance, or other project-related matters.

Where MSCI provides a data review opportunity, the project proponent may review the data underpinning the rating and may submit factual corrections or additional information within the timeline specified by MSCI.

MSCI determines whether and how submitted information is incorporated into the rating in accordance with its own methodology, governance procedures, data policies, and quality control processes.