Abstract. This paper focuses on corporate rating delivery process in terms of localization criteria differentiation. Corporate rating is conceived as a default predictor. We conduct a comprehensive study of the existing literature on the corporate default models, outlining the weak and the strong points, especially from the point of view of the methodology by which default threshold is identified. Both classical and modern theories are analyzed; the empirical perspective based on a case study on IT commercial companies is elaborated mainly in order to build up a practical approach on the corporate rating delivery process. Localization criteria is a key-element. There will be followed up a potential differentiation of the corporate rating rationale in terms of financial indicators contribution in accordance with the localization criteria. Corporate rating will be elaborated under the form of a score function using Multiliniar Discriminant Analysis. The main preoccupation consists of revealing out potential differences of the corporate rating delivery process according to the localization criteria-emerging versus developed countries.

Keywords: corporate rating; structural models; default; risk exposure; emerging; developed.