What is Maclear Risk Scoring: how borrower projects are rated and why it matters
03.06.2026
4 min
Maclear assigns every borrower a credit rating on a scale from AAA to D before a project is listed on the platform. The rating reflects the borrower's financial health, qualitative profile, and debt coverage capacity across three dimensions. It directly determines the interest rate offered to investors — higher-risk projects carry higher rates. Projects that do not reach the minimum scoring threshold are rejected and never published.
Why Maclear uses a scoring system
Risk Scoring gives investors a standardised, comparable measure of risk for every project. Rather than reading raw financial documents, investors see a letter grade that summarises the result of a structured, multi-dimensional analysis. Maclear's grading scale runs from AAA to D, consistent with the approach used by S&P Global, Moody's, and Fitch Ratings.
The three scoring dimensions
Each borrower is evaluated across three core dimensions:
Financial Risk — quantitative metrics drawn from the borrower's financial statements:
Total Liabilities / Tangible Net Worth (TNW)
Funded Debt / EBIT
Debt / Equity ratio
Qualitative Risk — assessment of non-financial factors:
Business score: competitive position and growth potential
Management score: leadership quality and strategic direction
Industry score: sector stability, outlook, and cyclicality
Coverage & Liquidity Risk — ability to service the loan:
Debt Service Coverage Ratio (DSCR)
EBIT / Interest ratio
Current Ratio
Each dimension receives a grade. The overall rating is determined by aggregating all three using a weighted approach. The resulting letter grade corresponds to a Probability of Default (PD) aligned with Swiss regulatory standards.
Credit rating scale
AAA — Exceptional. Extremely strong financial position, excellent management, stable or growing industry. Minimal default risk, best-in-class.
AA — Very Strong. Strong financials, good management, stable industry. Very low default risk.
A — Strong. Solid financial position, competent management, reasonably stable industry. Low default risk.
BBB — Adequate. Acceptable financial position, adequate management, moderately stable industry. Moderate risk, still investment-grade.
BB — Speculative. Weaker financials, some management concerns, challenging industry. Elevated risk, non-investment grade.
B — High Risk. Significant financial weaknesses, poor management, declining or volatile industry. High default risk.
CCC — Substantial Risk. Severe financial stress, ineffective management, industry in crisis. Default is a real near-term possibility.
CC — Very High Risk. Critical financial distress, failing management. Default is likely without immediate intervention.
C — Imminent Default. On the verge of collapse with no viable recovery path. Default is imminent.
D — Default. Financial obligations not met. Bankruptcy or liquidation underway. Not listed on Maclear.
Projects rated D, or those that fail to meet Maclear's minimum scoring threshold, are rejected during the due diligence stage and do not reach the platform.
Does the Maclear risk score change at different stages of the same project?
Yes. Ratings are updated quarterly based on ongoing monitoring of the borrower's financial performance, business developments, management changes, and macroeconomic factors. Material changes between quarterly reviews can trigger an immediate adjustment. The updated rating is reflected on the project page.
What can cause a borrower's risk rating to change?
A downgrade can be triggered by: deterioration in debt coverage ratios, a significant drop in profitability, liquidity constraints or cash flow problems, management changes, adverse industry conditions, or missed debt service payments.
An upgrade can result from: improved financial ratios and profitability, successful capital injection or refinancing, a stronger market position, a reinforced management team, improved operational efficiency, or favourable industry developments.
What does the risk score tell me as an investor?
The risk score summarises the probability that the borrower will be unable to meet payment obligations. A higher letter grade (AAA, AA, A) means a lower probability of default and typically a lower interest rate. A lower letter grade (BB, B, CCC) means a higher probability of default and a higher rate to compensate. The score is not a guarantee of repayment — it is a structured assessment of risk at the time of review.
Can I filter Maclear projects by risk score?
Yes. When setting up an AutoInvest strategy, you can filter by Risk Level in basic mode, or switch to Advanced Settings to filter by specific financial metrics — including Debt/Equity ratio, LTV, and Credit History score. Manual project browsing also shows the risk rating on each project card.
Important: The Maclear Credit Rating must not be treated as investment advice. Ratings represent Maclear's assessment of credit risk and should be considered alongside your own due diligence. Maclear cannot be held liable for losses resulting from investment decisions based on its rating system.
Risk disclosure: Crowdlending involves risk, including the possible loss of capital. Past performance is not a guarantee of future returns. Invest only what you can afford to lose.
Regulatory disclosure: Maclear AG, registered in Switzerland, member of PolyReg SRO, a self-regulatory organization supervised by FINMA.