Consists of a conditional credit assessment by an authorized Credit Rating Agency (CRA), which provides a preliminary indication of an issue’s overall creditworthiness regarding the potential of debt obligations to obtain an investment grade rating. Assignment of a final rating is conditioned upon receipt by Bells & Bayes of the appropriate documentation. Bells & Bayes reserves the right not to issue a final rating. If a final rating is issued, it may differ from the Preliminary Rating, which will be suffixed ‘prelim’, and may be assigned to issuers or bonds.