How MARA Rating Company maintains, reviews, and updates ratings to preserve comparability and defensibility over time.
Purpose
MARA Rating Actions describe how ratings are affirmed, revised, or placed under review when material evidence or reimbursement conditions change.
The objective is to maintain a stable, comparable, and defensible market-access risk signal over time.
Rating Action Types
- Affirmed – Rating confirmed after review; no change in rating band.
- Upgrade – Rating moved to a higher band following materially improved evidence or reimbursement outlook.
- Downgrade – Rating moved to a lower band following materially adverse evidence or reimbursement developments.
- Under Review – Rating placed under review pending evaluation of a material event.
- Withdrawn – Rating withdrawn if minimum evidence requirements are no longer met or time surpasses 5 years.
Surveillance Framework
MARA ratings are subject to:
Event-driven surveillance – triggered by material clinical, economic, or policy developments.
Periodic review – conducted at least annually to ensure continued alignment with evidence and HTA context.
Material Event Triggers (Non-Exhaustive)
New pivotal clinical data
New HTA decisions or payer policy updates
Label expansions or restrictions
Material pricing or reimbursement developments
Significant safety findings
Major changes in standard of care
Documented methodological corrections
Process & Governance Controls
Ratings are determined through structured committee judgment.
No single analyst determines outcomes.
Evidence is restricted to public, verifiable sources.
Committee minutes are recorded.
Issuers may correct factual errors but cannot direct rating outcomes.