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Operating the ICR Outlook Discussion - Guidance for Investment-intensive Agencies

Issue date: 
Thursday, 21 December 2017
Corporate author: 
Document Date: 
Publication category: 
Fiscal year: 

This is an updated set of guidance for investment-intensive agencies who are subject to the Investor Confidence Rating (ICR).

This guidance supports the ICR policy published in Cabinet Office circular CO(15)5 (the circular) which is available from the Cabinet Office website:

This guidance:

  • should be read by those involved in planning for and advising on an agency’s Investor Confidence Rating and the ICR mid-cycle review
  • outlines how the ICR mid-cycle review and associated Outlook Discussion will operate in practice, and
  • has been written by the Investment Management and Asset Performance team in the Treasury following consultation with investment-intensive agencies and the corporate centre.


About This Guidance

About the ICR mid-cycle progress review

  • Process
  • Scope of outlook discussion and review

Providing feedback on outlook

  • On-balance, information-based feedback
  • Factors that affect the feedback and outlook
Annex: Change in element weights from Round 1 to Round 2
Last updated: 
Monday, 16 April 2018