Not rated is the result a scoring method returns when the evidence does not support a score, instead of a number produced anyway. It is a deliberate output, not a failure, and it tells a user where the method has no standing to speak.
A method that always returns a number has no way to say it does not know. Not rated gives it one. The result is returned when the reference population is too thin, the inputs fall outside the validated range, a required field is missing or the asset class has not passed its validation.
The discipline protects both sides. A buyer does not price against a number the method could not support, and the issuer does not publish a figure it would have to defend without evidence. Over time, the rate at which a method declines is itself informative about where its coverage ends.
Not rated is not a low score and not a negative view. It carries no information about the merits of the matter. It states only that the method has no basis to rate it.
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