Category: Agencies
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RAG-Stiftung Must Have Known
Scope Group is not at all related to the transformation of the regions along the Ruhr and Saar Rivers and in Ibbenbüren.
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Why Scope Ratings Never Cares for Profits
The multi-layered shareholder structure allows for an ingenious business model.
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Once Advantages for Scope Shareholders, Now Disadvantages for German Banks
In Germany, the Greensill Bank is likely to be one of the most expensive cases ever.
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TELOS ESG Fund Check Professional Launched
An engine room of ESG fund management is in the making. EccoWorks GmbH, known in Germany for their sustainability consulting, and the long-standing specialist for fund ratings in the institutional sector, TELOS GmbH, have bundled their know-how in the field of sustainability to develop an ESG fund rating product as part of a cooperation. The…
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Scope Ratings’ Ancillary Services for Greensill Bank
Scope Ratings’ hint to possible additional payments by Greensill Bank to the Berlin rating agency leaves questions unanswered.
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Unique Multi-layered Ownership Structure at Scope Ratings
In a week, the search queries for the Scope scandal have increased significantly.
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Scope Group Not Within the Scope of ESMA
The scandal surrounding Greensill Bank and the credit rating of Scope Ratings GmbH for this bank raises the question of how the situation at the Scope Group got out of control.
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Taxpayers Ultimately Become Victims of Scope Ratings
The Berlin rating agency Scope has top politicians on board who are already drawing high pensions. These politicians now indirectly cost the taxpayer even more.
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Secured Income by Securing Deposits
The system of deposit insurance in the private banking industry makes GBB-Rating almost indispensable. Cologne-based GBB-Rating, a company of the Auditing Association of German Banks, offers credit ratings with a price / performance ratio challenging its US peers. It is approved by the European Supervisory Authorities (ESAs) as an External Credit Assessment Institution (ECAI) for…
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First Crypto Fund Ratings in Germany
TELOS GmbH, known for their fund ratings in the institutional sector, and DLC Distributed Ledger Consulting GmbH announce a strategic cooperation in the field of crypto fund ratings. The aim of the cooperation is to connect two worlds – that of classic asset management and that of digital asset management. On the one hand, the…
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How to Celebrate Best Asset Manager Ratings
Firstfive AG is Germany’s leading rating agency for assessing asset managers in wealth management. The best asset managers are honored annually. Based on the Sharpe ratio, i.e. the risk-adjusted performance, the results from three risk classes are combined using a score. The best Sharpe ratio receives 33.33 points and is the benchmark for the following…
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Role of the ICM Outreach Support Team at a Rating Agency
Integrated Content Marketing (ICM) at a rating agency is key to ensuring that the rating agency’s brands meet business goals, communicate messages in an engaging way, and accurately assess their performance. An integrated content marketing strategy helps ensure that a rating agency is broadcasting a clear, consistent message across all marketing communication channels by collaborating…
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New Rating Approaches for Crypto Exchanges and Crypto Custodians
It was not just Tesla’s spectacular entry into the world of bullish cryptocurrencies that attracted the attention of investors to this young asset class. Thousands of crypto currencies are now part of a universe that ranges from outright fraud to serous applications. Keeping an overview here is hardly possible for individual private investors in particular…
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Reach and Scope of Scope Ratings
Google Trends provides access to a largely unfiltered sample of actual search requests made to Google. It’s anonymized, because no one is personally identified. It is also categorized, i.e. determining the topic for a search query, and aggregated, i.e. grouped together. This way it displays interest in a particular topic from around the globe or…
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Green Bubbles and Adverse Selection Based on Sustainability Criteria
Why can ESG scores lead to unsustainable portfolios and “green” bubbles? Louis Larere, Portfolio Manager SRI, Zadig Asset Management, investigates this question. Sustainability is currently the most important trend in asset management and the integration of sustainability criteria in investment processes is already considered an “operating license” for many. Asset managers primarily use what are…
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How to Run a Credit Reporting Agency in China
The People’s Bank of China issued a Draft for comments on “Measures for the Administration of Credit Investigation Services“. It is intended to regulate the credit investigation business and related activities, and promote the healthy development of the credit investigation industry. This is formulated in accordance with the “Civil Code of the People’s Republic of…
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Six UK-Based Credit Rating Agencies Lost Their Registrations
The European Securities and Markets Authority (ESMA), the supervisor of European Union (EU) credit rating agencies (CRAs), has withdrawn the registrations of CRAs based in the United Kingdom (UK). ESMA’s decisions follow the end of the transition period of the UK’s withdrawal from the EU, which occurred on December 31, 2020. UK credit ratings will…
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Why Art Rating Criteria Need to Be Repaired
The Artprice Report, covering 20 years of Contemporary Art auction history, is a basis for understanding why evidence-based “art rating” is more important and urgent today than ever before. The complexity and global nature of the art market has never been greater. In the last two decades, decisive impetus came from China. “In 20 years,”…
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How A Credit Rating Agency Should Determine the Weights of ESG Criteria
Moody’s “General Principles for Assessing Environmental, Social and Governance Risks” relate to issues which may have greater downside risk than upside potential for rated issuers. The introduction of these principles is perceived by many issuers as an additional pressure that weighs on them in order to prove their sustainable management. This pressure is unsettling, especially…
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Future Divisional Structure of S&P Global
S&P Global (NYSE: SPGI) and IHS Markit (NYSE: INFO) announced the future divisional structure of the combined company, effective upon completing their pending merger: Divisional Structure S&P Global Ratings will be led by Martina Cheung, currently President of S&P Global Market Intelligence, upon close. Effective immediately, Martina Cheung will also lead the S&P Global ESG…
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Lloyd Howell
On December 18, 2020, Moody’s Corporation announced that Mr. Lloyd Howell has been elected as a member of the Company’s Board of Directors, effective as of March 15, 2021. Lloyd Howell also has been elected to serve on the Board’s Audit, Governance & Nominating and Compensation & Human Resources Committees, effective as of March 15,…
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CoStar: A Star Rising Higher
The Washington based CoStar Group (WKN: 922134 / ISIN: US22160N1090, Symbol: CSGP), with a staff of over 4,300 worldwide, is a company to watch in the rating industry, since CoStar is a leading provider of commercial real estate information, analytics and online marketplaces. In addition to its importance to the rating industry, it is also…
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Moody’s Heatmap Shows Heightened Environmental Credit Risk
Moody’s analysts have revised their environmental classification to reflect evolving environmental, social and governance standards, disclosure frameworks and market conventions among issuers and investors. Environmental risks can arise from regulatory and policy issues, hazards or a combination of both. The five environmental categories Moody’s considers most material to credit are carbon transition, physical climate risks,…
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S&P And Moody’s Are Losing Market Share in the EU
For the first time, the European Securities and Markets Authority ESMA has reported a decline in market shares in Europe for both of the major US rating agencies. The authority thus discloses a remarkable development. Never before have the two market leaders, who have been issuing their credit ratings worldwide according to recognized standards and…
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SME Rating Dilemma
Small and medium-sized companies have difficulties communicating their creditworthiness credibly. Recognized credit rating agencies concentrate their services on companies that go through a committee-based rating process. The legal framework in Europe offers no alternative to this. Only those who meet all the requirements of the EU regulation on credit rating agencies can be recognized as…
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Consumer Reporting Agency Against Bonus Hoppers
“If you want to purchase electricity and gas cheaply, you have to compare prices and, if necessary, change providers. Energy suppliers obviously want to change that with Schufa and a credit agency.” An article about energy suppliers on tagesschau.de introduces the topic: “Electricity and gas customers who want to change their provider more often could…
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A Case of Rating Repair for a Small Publicly Traded Company
A small publicly listed company is a company whose shares are bought and sold on a particular stock market even though turnover or total assets are small in comparison to other listed companies. Every big story starts small. Therefore, among small companies there are often also stock corporations with exceptionally high potential for a good…
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Credit Rating Criteria for Leasing Companies
Under the umbrella of the Auditing Association of German Banks, GBB-Rating Gesellschaft für Bonitätsbeurteil mbH (hereinafter referred to as “GBB-Rating”) provides long-term credit ratings of leasing companies. GBB-Rating has published criteria for the rating of leasing companies in German on its website. Unfortunately there was (August 23, 2020) no English translation. In the following are summarized some of their…
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Leasing Company Rating
Leasing companies have been analyzed by leading US credit rating agencies for decades. In addition to these rating agencies, there are other rating approaches for leasing companies. Three of these are briefly presented here. The first relates to a joint initiative by Landesbanken and other credit institutions to operate bank-internal system for rating leasing companies.…
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Country Risk: The Bane of Foreign Investors
Country Risk: The Bane of Foreign Investors (by Norbert Gaillard, Springer, July 2020) is an original and innovative research work. Chapter 1 introduces the key concepts. Chapter 2 establishes that impediments to international business preceded any mention of the country risk concept. I investigate how country risk has evolved and manifested since the advent of…
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More than 300 Raters Worldwide
There is a simple definition of the word “rater”: “one that rates”. A rater is specifically a person who estimates or determines a rating. Not every rater is a rating agency. In a number of countries, only legal persons can be recognized as rating agencies. In most countries, individuals are free to express their opinion…
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30 Registered Credit Rating Agencies in China
The credit rating industry in China has a history of more than 30 years. According to the “Interim Measures for the Administration of the Credit Rating Industry”, which came came into force on December 26, 2019, the People’s Bank of China is the department in charge of the credit rating industry and takes charge of…
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What Happens When You Become A Founder and Start a New Rating Agency?
What happens when you start a new rating agency and become a founder? The 4 Ps are used here to identify some key factors for a new rating agency, including what investors and issuers want from them, how their services meets or fails to meet those needs, how rating services are perceived in the world,…
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Rating in Austria
The Recognized Credit Rating Agencies listed by the European Securities and Markets Authority (ESMA) have been registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on Credit Rating Agencies (the Credit Rating Agencies Regulation). The list does not contain a rating agency…
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Recognized Credit Rating Agencies
There are almost 200 countries in the world. Many countries do not have specific regulations on rating activities, but most industrialized countries do have laws on Credit Rating Agencies (CRAs). Credit Rating Agencies are required to get registered, licensed, recognized or certified. Until the Credit Rating Agency Reform Act of 2006 was introduced in the…
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Recognized Credit Rating Agencies in Russia
ACRA Analytical Credit Rating Agency The Russian Government set a minimum credit rating for banks that service federal budget funds (the document is published on the official website of the Russian Federation Ministry of Finance at http://government.ru/docs/28240/). The federal budget funds may be placed on deposits with bank that have a credit rating of at…
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National Securities and Stock Market Commission of Ukraine Registered Credit Rating Agencies
In Ukraine, a person acquires the right to define ratings from the date of the issuance of the Certificate on Inclusion into The State Register of Authorized Rating Agencies.
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Banco Central de Uruguay Registered Credit Rating Agencies
Here is a list of Credit Rating Agencies registered by the Banco Central de Uruguay:
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Monetary Authority of Singapore Encourages Ratings By Singapore-dollar Credit Rating Grant
The European Commission’s decision to repeal the equivalence status for Singapore Credit Rating Agencies does not impact the operations of Credit Rating Agencies in Singapore. As confirmed by the European Commission, Credit Rating Agencies in Singapore will continue to be able to access the European Union market through the endorsement regime which they currently operate…
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Securities and Exchange Commission Thailand Approved Credit Rating Agencies
The following rating agencies shall be Credit Rating Agencies approved by the Office of the Securities and Exchange Commission of Thailand to issue credit rating for instruments or businesses related to issuance and offer for sale under the Notification of the Capital Market Supervisory Board and instruments. They are required to provide credit ratings under…
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Comisión Nacional Bancaria y de Valores Supervised Credit Rating Agencies
Comisión Nacional Bancaria y de Valores (CNBV) main function is to inform the market about the real risks that the investing public faces in financial intermediation. Regulation is essential for greater transparency in its actions and less exposure to conflict of interest. The Comisión Nacional Bancaria y de Valores supervises 7 Credit Rating Agencies, called…
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Suruhanjaya Sekuriti Securities Commission Malaysia Committed to Allow ASEAN-Owned Credit Rating Agencies in Malaysia
Under the Working Committee on Financial Services Liberalisation, the Association of South-East Asian Nations (ASEAN) completed the Eighth Package of Financial Services Commitments (Eighth Package), which was signed by the Association of South-East Asian Nations Finance Ministers on April 5, 2019. To enhance access into the capital market via the Eighth Package, the Suruhanjaya Sekuriti…
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Superintendencia de Compañías, Valores y Seguros Reports Credit Rating Agencies
The Superintendency of Companies, Securities and Insurance of Ecuador, Superintendencia de Compañías, Valores y Seguros (SC), listed on August 6, 2020 the following Credit Rating Agencies:
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Signed Up Credit Rating Agencies At SUGEVAL
The Superintendencia General de Valores (SUGEVAL) is the supervisor of Calificadoras de Riesgo, Credit Rating Agencies in Costa Rica. Here is a complete list of Credit Rating Agencies enrolled in Costa Rica as of August 6, 2020..
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Securities and Exchange Commission of Brazil Recognized Credit Rating Agencies
Here are all recognized Credit Rating Agencies with name, address, district, city, state, postal addressing code, direct distance dialing, phone, fax, names of the risk rating director and internal controls director, registration date, Brazil national registry of legal entities number and current situation as of August 6, 2020. In addition to the credit risk rating…
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Australian Securities and Investments Commission Licensed Credit Rating Agencies
The Australian Securities and Investments Commission (ASIC) published an information sheet (INFO 143) for credit rating agencies providing services in Australia. It gives guidance on the meaning of certain conditions that apply to these credit rating agencies under their Australian financial services (AFS) licence. It covers the scope and purpose of Australian Securities and Investments…
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First Quality Check On A Credit Reporting Agency: Creditsafe
This article is about the credit reporting agency Creditsafe, the performance of the company and a concrete example of what a credit report from Creditsafe looks like in practice. Details of the offer are examined and discussed in detail. We carry out a fact check based on the official data from the Federal Gazette of…
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Financial Sector Conduct Authority Registered Credit Rating Agencies in South Africa
The Credit Rating Agencies listed below have been registered in accordance with Section 5(1) of the Credit Rating Services Act, 24 of 2012 in South Africa. The list is published by the Financial Sector Conduct Authority in accordance with section 5(10) of the Credit Rating Services Act and is updated within five working days of…
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Canadian Securities Administrators Designated Rating Organizations
The Canadian Securities Administrators identified Designated Rating Organizations, and imposed requirements on credit rating organizations wishing to have their credit ratings eligible for use in securities legislation. The rule of the Canadian securities regulators establishes a regulatory framework for the oversight of credit rating organizations by requiring them to apply to become a “Designated Rating…
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Comisión Nacional de Valores República Argentina Registered Credit Rating entities
Credit Rating Agencies are those entities that are dedicated to making risk ratings. In Argentina, entities must be registered with the Comisión Nacional de Valores in order to carry out the activity and they can be private companies or public universities. Public Universities Unidad CEPAF – Agente de Calificación de Riescos Universidad Pública (UBA) Universidad…
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Bangladesh Securities and Exchange Commission Registered Credit Rating Agencies
The following Credit Rating Agencies are registered by the Bangladesh Securities and Exchange Commission:
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Securities and Exchange Commission of Pakistan Registered Credit Rating Companies
An application for permission to form a credit rating company by persons meeting the eligibility criteria accorind to the Credit Rating Company Regulations shall be made to the Securities and Exchange Commission of Pakistan along with a number of documents. The Securities and Exchange Commission of Pakistan on being satisfied that the person seeking permission…
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Finma Authorized Credit Rating Agencies
The Swiss Financial Market Supervisory Authority FINMA supervises financial institutions making use of the services of Credit Rating Agencies, e.g. for the capital-adequacy calculations carried out by banks. Supervised institutions can use ratings to meet a number of regulatory requirements. In certain specific cases, only ratings from agencies recognised by FINMA may be used. The…
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Financial Services Agency of Japan Authorized Credit Rating Agencies
The purpose of supervising Credit Rating Agencies in Japan is, in view of specific problems in their governance, to ensure the appropriate business operations of Credit Rating Agencies in Japan, and to bring about the appropriate exercise of their functions.
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Capital Markets Authority of Saudi Arabia Authorized Credit Rating Agencies
As in many other countries, the work of Credit Rating Agencies has been regulated in the Kingdom of Saudi Arabia, since ratings are referenced in various ways in the financial system. It is therefore necessary to determine which Credit Rating Agencies give the relevant ratings. On November 10, 2014, the Capital Market Authority of Saudi…
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U.S. SEC NRSRO
The Office of Credit Ratings (OCR) assists the U.S. Securities and Exchange Commission (US SEC) in executing its responsibility for protecting investors, promoting capital formation, and maintaining fair, orderly, and efficient markets through the oversight of Credit Rating Agencies registered with the Commission as Nationally Recognized Statistical Rating Organizations (NRSROs). In support of this mission,…
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ESMA Authorized Credit Rating Agencies
In the period leading up to the financial crisis in 2008, 2010 and so on, the European Commission considered to strengthen the regulatory and supervisory framework for Credit Rating Agencies (CRAs) in the European Union (EU), to restore market confidence and increase investor protection: (1) The first set of rules, which entered into force at the…
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Boat Rating System
When searching for the term “rating system”, you might come across a rating system for boats. Boats of different sizes and characteristics would not have an equal chance to win in races. The rating system for boats shall correct their elapsed time difference and put them on the same level. Boat owners, sailors, designers and…
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