The objective of this review is to assess and validate the methodology employed by [the rating agency] for rating Small and Medium-sized Enterprises (SMEs). This will involve a detailed evaluation of various aspects of the methodology; ensuring its robustness; accuracy; and applicability to the target population of issuers. Additionally; the review will compare and map the rating agency's methodology to S&P's methodology and rating scale; ensuring alignment with industry best practices. This review assumes that the credit rating agency is already fully endorsed by European regulators; in line with the EU Credit Rating Agency Regulations (EC 1060/2009); and is recognized as operating on par with other major global rating agencies. Scope of Activities: The review will cover the following key areas: *Qualitative Validation *Data Input Testing *Quantitative Validation *Fine-Tuning *Calibration to S&P Rating Scale *Comparison and Mapping to S&P Methodology