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Corporate Financing What are credit ratings? Ratings reduce information asymmetry and improve market functioning and efficiency Credit ratings are opinions about credit risk. Standard & Poor’s ratings express the agency’s opinion on the ability and willingness of an issuer, such as a corporation, to meet its financial obligations in full and on time. Credit ratings can also allow individuals to get a picture of the credit quality of an individual debt issue, such as a corporate bond, and the relative likelihood that the issue may default. We express our ratings as letter grades ranging from ‘AAA’ to ‘D’ to communicate our opinion on the relative level of credit risk. We base our ratings on analyses performed by experienced credit analysts who evaluate and interpret information received from issuers and other available sources to form a considered opinion. Unlike other types of opinions, such as, for example, those provided by doctors or lawyers, credit ratings opinions are not intended to be a prognosis or recommendation. Ratings should not be viewed as an assurance of credit quality nor as an exact measure of the likelihood of default. Rather, they are primarily intended to Figure 1: Standard & Poor’s analyst-driven rating process Source: Standard & Poor’s Page 16 Deutsches Eigenkapitalforum 2012 Tobias Mock is a Managing Director and Lead Analytical Manager in the Corporate Ratings department of Standard & Poor’s, based in Frankfurt. He leads the Light Industries team in EMEA, which covers the telecoms, high-tech, media, retail, leisure, consumer goods, healthcare and real estate industries. Tobias Mock, Managing Director and Lead Analytical Manager, Corporate Ratings, Light Industries, Standard & Poor’s provide investors and market participants with information about the relative credit risk of issuers and individual debt issues that the agency rates. The corporate rating process at S&P When rating a corporation, we assign a lead analyst, often in conjunction with a team of specialists, to evaluate the entity’s credit - worthiness. Typically, analysts obtain information from published reports, interviews and discussions with the company’s management team, as well as from their sector and market analyses. The rating process is dynamic and evaluates qualitative and quantitative information on an ongoing basis. There is at least a bi-annual review for all corporate ratings and typically an annual meeting attended by the analytical team and the senior management team of the rated corporate. Fig. 1 illustrates the typical rating process for a corporation.
UNSER PROGRAMM FÜR DIE ZUKUNFT: ERP-INNOVATIONSPROGRAMM Sie suchen Unterstützung bei der Realisierung Ihrer Idee? Nutzen Sie unser Förderangebot für etablierte Unternehmen und Freiberufl er. Die KfW unterstützt die Forschung und Entwicklung innovativer Produkte, Verfahren oder Dienstleistungen sowie deren Markteinführung mit günstigen Finanzierungspaketen. Mehr Informationen erhalten Sie bei Ihrer Hausbank, unter www.kfw.de oder direkt über das Infocenter der KfW. Tel. 0800 5399001 * * kostenfreie Rufnummer
Page 1 and 2: Publishing Partner Deutsches Eigenk
Page 3 and 4: Dear Readers, If exchanges were mer
Page 5 and 6: International 60 “There will be n
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Page 9 and 10: Corporate Financing financing, even
Page 11 and 12: Mezzanine as an interim step to sec
Page 13 and 14: Great achievements require taking r
Page 15: Drive. Made in Germany. Also with e
Page 19 and 20: We believe in German Mittelstand ww
Page 21 and 22: particular, the volume and relevanc
Page 24 and 25: Capital Markets Figure 2: Broker co
Page 26 and 27: Capital Markets “The use of compu
Page 28 and 29: Equity Markets Selective environmen
Page 30 and 31: Equity Markets Figure 2: Market con
Page 32 and 33: Equity Markets TecDAX’s 10 th ann
Page 34 and 35: Equity Markets TecDAX Composition a
Page 36 and 37: Equity Markets Hearing versus under
Page 38 and 39: Equity Markets Figure 2: An example
Page 40 and 41: Bond Issuance New ways of debt fina
Page 42 and 43: Bond Issuance Corporate financing v
Page 44 and 45: Bond Issuance Figure 2: EBITDA marg
Page 46 and 47: Bond Issuance “A success model wi
Page 48 and 49: Bond Issuance Stumbling blocks on t
Page 50 and 51: Bond Issuance Transparency in the c
Page 52 and 53: Bond Issuance Figure 1: Covenants -
Page 54 and 55: Bond Issuance “The fact is that d
Page 56 and 57: Bond Issuance Photo: Deutsche Börs
Page 58 and 59: Bond Issuance Including employees a
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Page 62 and 63: International China’s move to Eur
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Legal Figure 1: Challenges of syner
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Legal Barbarians at the gate? Takeo
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Legal The brave new world of corpor
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Legal reduction of traditional debt
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Special: CSR Sustainability is an i
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Special: CSR Figure 3: Shareholder
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Special: CSR Energy management A re
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Industries & Sectors Clean energy a
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Industries & Sectors The solar powe
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Seit 1798 machen wir, was wir am be
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Deutsche Börse AG Phone +49-(0) 69
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BERENBERG BANK Contact Person Anna
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equinet Bank AG Contact Person Gera
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Baader Bank AG Contact Person Horst
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BLÄTTCHEN FINANCIAL ADVISORY GmbH
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einfach kommunizieren. heureka Prof
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Scope Ratings Scope Ratings GmbH Co
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Bundesverband Deutscher Kapitalbete
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EQS Group Contact Person Anja Weiß
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PvF Investor Relations Contact Pers
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Media Partners business new europe
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Media Partners FinanzNachrichten.de
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Media Partners mergermarket is an i
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Media Partners It is the mission of
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Media Partners Founded in 1998, Goi
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Network Partners The German Associa
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Network Partners F I C is a consult
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Die GBC Kapital GmbH ist nach § 2
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Company Page 4a medicom GmbH 124 Ar
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Artcline GmbH Medical technology Pr
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Wer denkt bei einer Pipeline schon
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certon systems GmbH Electronic comp
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CorTAG GmbH Medical technology Prof
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CrystAl-N GmbH Special chemical pro
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Cytolon AG Biotechnology Profile Fo
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DRAUSY GmbH Water investment and pr
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e.bootis ag Software Profile Founde
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Eurographics AG Private home constr
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healthy planet Food Profile Founded
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humangrid GmbH Internet services Pr
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Jennewein Biotechnologie GmbH Biote
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Kairos GmbH Biotechnology Profile F
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LeniMed GmbH Medical technology Pro
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Medicyte GmbH Biotechnology Profile
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NOXXON Pharma AG Biotechnology Prof
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PlanET Biogastechnik GmbH Renewable
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Scopis GmbH Medical technology Prof
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Shopgate GmbH Internet Profile Foun
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t-cell Europe GmbH Biotechnology Pr
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Torqeedo GmbH Green technology / en
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BLÄTTCHEN FINANCIAL ADVISORY Conta
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fischerAppelt, advisors Contact Per
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Service Mayer Brown LLP Contact Per
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Index of Advertisers Advertiser Pag
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Phases of an IPO Figure 3: Phases o
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Elisabeth Plakinger Alternative Ene
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Hong Kong Berlin München Room Sect
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Main Level (C2) Plenum, Forums Exhi
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