What is Credit Rating?

Legal Definition
A credit rating is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government), predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting. The credit rating represents an evaluation of a credit rating agency of the qualitative and quantitative information for the prospective debtor, including information provided by the prospective debtor and other non-public information obtained by the credit rating agency's analysts.

A credit reporting (or credit score) – in distinction to a credit rating – is an evaluation of an individual's credit worthiness, which is done by a credit bureau or consumer credit reporting agency.
-- Wikipedia
Legal Definition
a rating given to a person that concerns the reliability of a person of paying their debts. They are based on present and past history.