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Dear Forum,
please could you provide an example of usage of creditRating? I’m having trouble piecing it all together.

the structure is very simple but seems overly so.
<party…>
(repeats) <creditRating creditRatingScheme=””></creditRating>

So to describe Argentina in 2013:
S&P B- Outlook NEG
Moodys B3 Outlook NEG
Fitch CC Outlook (no data)

FpML Schemes include
5.59 creditRatingAgencyScheme
which tells the agency, but not the rating.
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/credit-rating-agency-1-0">StandardAndPoors</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/credit-rating-agency-1-0">Moodys</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/credit-rating-agency-1-0">Fitch</creditRating>

Great! I have the agencies but not the ratings.

Using 6.177 creditRatingScheme I can pick from 11 agencies to tell a better story:
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/standard-and-poors">B</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/moodys">B3</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/fitch-ratings">CC</creditRating>

Then I notice the next scheme and scratch my head
6.178 creditRatingNotationScheme with only 7 values.
Looks like one agency can use multiple schemes (canadian-bond-rating-service and standard-and-poors are linked to S&P.) and we can specify that Japan Credit Rating Agency value is in english. Now I want to add the notation.

<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating/standard-and-poors">B</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating/moodys">B3</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating/fitch">CC</creditRating>
I can see the notations, but not sure which goes with which.

Then I notice 6.179 creditRatingScaleScheme again with 7 values.
Ah! now I can say long term, short term, outlook etc. Great!

<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating-scale/standard-and-poors">Long Term</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating-scale/moodys">Long Term</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating-scale/fitch">Long Term</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating-scale/standard-and-poors">Outlook</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating-scale/moodys">Outlook</creditRating>

ah. Whoops! Now I can flag the ratings as long term and that I have outlooks. I forgot to put in the outlook values earlier. Lets try to put it all together.

<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/credit-rating-agency-1-0">StandardAndPoors</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/credit-rating-agency-1-0">Moodys</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/credit-rating-agency-1-0">Fitch</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/standard-and-poors">B</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/moodys">B3</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/moodys">NEG</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/fitch-ratings">CC</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating/standard-and-poors">B</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating/standard-and-poors">NEG</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating/moodys">B3</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating/fitch">CC</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating-scale/standard-and-poors">Long Term</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating-scale/moodys">Long Term</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating-scale/fitch">Long Term</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating-scale/standard-and-poors">Outlook</creditRating>
<creditRating creditRatingScheme="http://www.fpml.org/coding-scheme/external/credit-rating-scale/moodys">Outlook</creditRating>

I’m using all the words I have, but when there are more than one credit rating, I can’t tell which agency goes with which notation and which scale and which value without parsing the uri, and then fitch is inconsistent. I cant’ find an alternate structure, nor any examples in the xml.

I’m sure I’m missing something… any pointers would be greatly appreciated.
Very best,
Alex