Hyve Credit Rating (HCR)

The first infrastructure credit rating built for institutional capital markets.

WHAT HCR DOES

One score. Eight dimensions. Every infrastructure deal — decisioned.

The Hyve Credit Rating (HCR) is a 0–100 scoring system for infrastructure projects — built on the same analytical principles as S&P, Moody's, and Fitch, but purpose-designed for project finance. Like FICO for consumer credit, it condenses multi-dimensional risk into a single, institutionally actionable number.

Powered by IRRIS, HCR evaluates every deal across eight risk dimensions. The output is not a narrative. It is a precise, auditable score that tells investors whether a deal meets their mandate — and tells developers exactly what must change to get it there.

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THE SCORE

0 to 100. Nothing Hidden.

HCR produces a single composite score on a 0–100 scale, weighted across eight risk dimensions. A score of 85+ signals investment-grade quality. Below 65 flags material risk. Every point is earned — and explained. HCR 90+ ≈ AA. HCR 60 ≈ BBB.

THE REASONING

Built to Survive a Credit Committee.

Every HCR output identifies what scored well, what scored poorly, and why. Drivers are mapped to specific deal documentation. No black boxes. Every conclusion is traceable to its source.

THE GAPS

Your Roadmap to Fundability.

HCR tells developers what needs to change — not just what scored poorly. A weak off-take score is a directive to strengthen the contract. A permitting gap is a map to the approvals that unlock capital.

THE PATH

From Scored Asset to Funded Transaction.

HCR doesn't end the process — it starts it. Once a score is established, the rating connects directly to MTN structuring, TRS design, PPN parameters, and ROV frameworks. Rating a project is step one.

How the HCR Is Used

HCR serves two distinct audiences simultaneously — and this is by design. For institutional investors: a go/no-go decision engine. For project developers: a financing roadmap. The same score does both jobs.

For Investors: Pre-Commitment Screening

Before a single hour of internal analyst time is spent, HCR tells you whether a deal meets your mandate. HCR scores match against mandate metrics and SFDR/TCFD compliance. Replaces guesswork with quantified alignment. A credit committee-ready output before the first meeting.

For Fund Managers: Consistent Portfolio Intelligence

HCR scores are comparable across every transaction IRRIS has reviewed — across sectors, geographies, and deal structures. Build infrastructure debt portfolios benchmarked to HCR indices. For the first time, infrastructure assets can be compared on a single, standardised scale.

For Lenders: Live Risk Monitoring

HCR is not a static rating. When a construction milestone is hit, an offtaker's credit changes, or a permit is obtained — the score updates. Subscribing institutions receive live alerts on every rating change, documented with full reasoning.

For Developers: A Financing Roadmap

HCR identifies precise documentation gaps and provides a term sheet framework. Developers are not guessing what institutions need. They are being directed toward it, dimension by dimension.

HOW HCR WORKS

Eight dimensions. One score. Auditable at every step.

NEXA processes eight streams of due diligence simultaneously. Each dimension is scored independently on a defined scale — quantitative metrics calculated automatically, qualitative factors assessed against institutional scoring guidelines — then weighted and aggregated into a single HCR composite score. For full methodology detail, see the NEXA page.

Weights are calibrated to project type: renewable energy weights off-take risk more heavily; data centres weight sponsor quality and market demand; PPPs weight counterparty credit. HCR scores map to traditional rating tiers — a language institutions already know, backed by a methodology they can interrogate.

Your next infrastructure deal deserves a score before it enters the room.

HCR delivers a structured, institutional-grade credit rating in the time it takes to schedule a diligence call. Submit your documentation. Receive your score. Know exactly where you stand — and what it takes to close.

Request an HCR Assessment