Fish Ratings Upgrades Electric Catfish to ‘AAA’; Outlook Stable

Fish Ratings – Cairo – 15 March 2021: Fish Ratings has upgraded Electric Catfish from ‘BB+’ to ‘AAA’ following the discovery by two German scientists that it is impervious to shocks.

The biologists, Georg Weizel and Stefan Schuster, revealed their findings in the Journal of Experimental Biology on 23 February 2021.

“Electric catfish show a remarkable degree of protection against high voltages,” they wrote. “Both self-produced and external electric shocks that heavily affected control goldfish failed to evoke involuntary muscle contraction or to affect sensorimotor processing.”

The research has not affected the rating of Goldfish (‘BBB-‘; Stable).

The scientists were unable to determine the nature of the mechanisms that shield the Electric Catfish from shocks, but Fish Ratings has incorporated the findings into its metrics anyway, resulting in an immediate 10-notch upgrade.

“A structural buffer against unanticipated market shocks can be factored into a rating, even if scientists – and our analysts – have no idea how it works,” said Talaat Carp, Associate Director at Fish Ratings.


Found primarily in tropical Africa and the Nile, Electric Catfish have the ability to produce an electric shock of up to 350 V. They are usually nocturnal and carnivorous.

This profile is consistent with a ‘bb+’ rating on a standalone basis, without the 10-notch uplift provided by the mysterious shock shield.


Factors that could, individually or collectively, lead to a negative rating action/downgrade:

A downgrade of Electric Catfish’s rating could occur if the scientific research turns out not to be accurate. Since the most likely proximate cause of a reassessment of the science would be the Catfish receiving a massive, unanticipated electric shock, the new rating in this instance would likely be even lower than the previous ‘BB+’ rating and default would be a distinct possibility.

However, Fish Ratings currently considers this possibility “highly unlikely” as it would undermine our entire rating methodology.

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