Facilitating Investment along the Belt & Road

Six Economic Corridors Spanning Asia, Europe and Africa

VIS & CCXI sign agreement of cooperation

VIS-CCXI-RAEX sign agreement of cooperation



CCXI is the first nation wide credit rating agency in China, with the largest business operations and the best quality of service.


With OIC countries featuring along the B&R, IIRA’s footprint would enable investment opportunities for investors


VIS provides independent rating services, approved by Securities & Exchange Commission and State Bank of Pakistan.


RAEX-Europe is an independent CRA based in Frankfurt am Main, officially registered by ESMA with an ECAI mapping.


Date Company Grading Press Release Report
12/23/2019 International Industries Limited ISG-ES 2 View View


A pioneering concept of joint grading is being introduced by CCXI, IIRA and VIS.Given increasing investor activity across borders, these gradings are envisioned to benefit countries along the Belt & Road.

The methodology would provide a rank system,appraising the investment strength and prospects of a particular player within an industry group.

This initiative would provide value addition for investors/stake holders to enable long-term cross-border equity investment,ease the path for cross listing, and deepen the capital markets. It is also expected to facilitate Economic Corridors related activities which may further strengthen trade relations through better accessibility.

Through a wider and relative ISG-ES grading and research, this methodology seeks to address a broad range of potential investors–lenders, private and public investors, venture capitalists, etc., by facilitating informed and effective investment decision-making not just confined within a single country but extending beyond borders along the One Belt One Road.


Investment Strength scale

Scale Score Range Definition
IS 1 (91-100) Very Strong Investment Strength
IS 2 (76-90) Strong Investment Strength
IS 3 (61-75) Good Investment Strength
IS 4 (40-60) Medium Investment Strength
IS 5 (Less than 40) Low Investment Strength

Social Responsibility scale

Scale Score Range Definition
SR 1 (91-100) Very Strong Social Responsibility
SR 2 (76-90) Strong Social Responsibility
SR 3 (61-75) Good Social Responsibility
SR 4 (40-60) Adequate Social Responsibility
SR 5 (Less than 40) Weak Social Responsibility

Corporate Governance scale

Scale ScoreRange Definition
CG 1 (91-100) Very Strong Corporate Governance
CG 2 (76-90) Strong Corporate Governance
CG 3 (61-75) Satisfactory Corporate Governance
CG 4 (40-60) Adequate Corporate Governance
CG 5 (Less than 40) Weak Corporate Governance

Environmental Accountability scale

Scale ScoreRange Definition
EA 1 (91-100) Very High Environmental Accountability
EA 2 (76-90) High Environmental Accountability
EA 3 (61-75) Good Environmental Accountability
EA 4 (40-60) Medium Environmental Accountability
EA 5 (Less than 40) Low Environmental Accountability

Based on the above parameters, the overall ISG-ES would be derived using a weighted average score.

Component Weights

Component of ISG-ES Weights
Investment Strength 60% (Business Risk 35%/Financial Performance 25%)
Governance 20%
Social Responsibility 10%
Environment Accountability 10%


Scale ScoreRange Definition
ISG-ES 1 (91-100) Very Strong Investment Strength Prospects
ISG-ES 2 (76-90) Strong Investment Strength Prospects
ISG-ES 3 (61-75) Good Investment Strength Prospects
ISG-ES 4 (40-60) Medium Investment Strength
ISG-ES 5 (Less than 40) Low Investment Strength Prospects

A single (+) sign or a double (++) could be added to express relatively higher investment strength prospect within the category.

Shari’a Governance

The scope of ISG-ES grading would be extended to entities that operate on Islamic-faith based principles, as a second-tier assessment to cover degree of entity’s broad-based Shari’a governance (“SG”) and compliance.

Shari’a Governance Scoring Scale

Scale ScoreRange Definition
SG 1 (91-100) Extremely strong adherence to Shari’a principles
SG 2 (76-90) Strong adherence to Shari’a principles
SG 3 (61-75) Substantial adherence to Shari’a principles
SG 4 (40-60) Adequate or reasonable adherence to Shari’a principles
SG 5 (Less than 40) Inadequate or low adherence to Shari’a principles


Name Developed By Link
Country Risk Report - 2018 CCXI/VIS View
Country Risk Report - 2017 CCXI/VIS View
Long Steel Products Industry Report VIS View
Flat Steel Products Industry Report VIS View
Steel Pipes Industry Report VIS View
Steel Industry Report CCXI View
P&C Insurance Industry Report CCXI View
Life Insurance Industry Report CCXI View
Concept Presentation VIS/IIRA View


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