Split rating

A split rating means the agencies disagree: one rates a bond A, another Baa3. Under a BBB- floor, the treatment decides whether the bond passes. The common conventions are lowest, highest, middle of three, and a named agency first.

Policies often omit the rule, which leaves the answer to whoever codes the limit. One US foundation policy settles it in a phrase: the lower rating applies.

Acclimetry resolves split ratings by the organisation’s stated policy: median, lowest, highest, or the first provider in priority order. Median, the shipped default, takes the middle of three ratings or the lower of two, so A and Baa3 resolve to BBB-. Every result discloses the policy it was judged under (split ratings).