http://www.investopedia.com/terms/w/warf.asp#axzz1lnDvrq00
Definition of 'Weighted Average Rating Factor - WARF'
A measure that is used by credit rating companies to determine the credit quality of a portfolio. This measure allows rating companies to look at a portfolio as a single security, and assign it a single rating.WARFs are most often calculated by rating companies for collateralized debt obligations (CDOs).