A credit rating answers one question about a bond — how large is the risk that it does not pay as promised — with a letter grade anyone can compare. A MARA Rating answers the same kind of question about a medicine: how large is the risk that it is not reimbursed as intended.
What carries over from credit ratings
The parts of the credit rating model that a MARA Rating shares are structural. Independence: a fixed fee, never contingent on the grade or on any transaction. A fixed scale: every drug graded A++ to C, so ratings can be compared. A dated public record: each rating carries its as-of date, and later ratings supersede earlier ones without erasing them. And a committee method: grades are assigned under one published process, from public, verifiable evidence, not negotiated case by case.
Where the analogy ends
A medicine is not a security, and a MARA Rating is not investment advice or a view on any company’s shares. It rates one thing: the reimbursement risk of a specific drug in a specific indication, as of a stated date. What a reader does with that measurement — in a deal, a loan, a launch plan — is the reader’s own decision.
Hundreds of MARA Ratings are published in the catalogue; the sample page shows what a full report looks like.