The system officially used in Finland is Jufo. It has four grades in the ranking, from 0 (lowest) to 3 (highest). The funding of Finnish universities partly depends on the amount of publications in those journals, with coefficients per publication being 0.1 - 1 - 3 - 4 (i.e., a publication in a level 3 journal is worth 4 publications in a level 1 journal, and 40 publications in a level 0 one.)

The ranks are re-allocated every 5 years by a committee based on suggestions from the academics; also there are some constraints (if one journal goes up, some other has to go down). This naturally creates some distortions, e. g., a new strong journal will lag in ranking, which means that nobody has incentive to publish there, which means nobody will be strongly pushing to move it up the ranking etc. For example, "Forum of mathematics, Pi" is only level 1. But other than that, the ranking is reasonable.