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Corporate Financing Figure 2: Main drivers of Standard & Poor’s corporate issuer ratings • Country Risk • Industry Characteristics • Company / Competitive Position • Profitability / Peer Group Comparison • Management & Strategy • Accounting • Governance, Risk Tolerance, Financial Policy • Cash Flow Adequacy • Capital Structure, Asset Protection • Liquidity / Short-Term Factors Source: Standard & Poor’s Assigning an issuer rating To form our rating opinion, we review a broad range of financial and business risk factors that may influence the issuer’s prompt debt repayment. We analyse specific risk factors according to our criteria of rating corporate entities. Fig. 2 provides an overview of the factors that we consider. We split our analysis into two parts, namely the business risk profile and the financial risk profile. For example, the credit analysis of a corporate issuer includes an evaluation of the future operating performance including its profitability; market and competitive positions; financial condition, including liquidity; and risk management strategies, including the governance of a corporation. What value do ratings provide, and to whom? Ratings reduce information asymmetry and improve market functioning and efficiency. Credit ratings can help reduce the knowledge gap, or “information asymmetry”, between borrowers (issuers) and lenders (investors). The essential subject matter of this information asymmetry is a borrower’s creditworthiness. A borrower knows its own creditworthiness better than a lender does. Also, because creditworthiness is not a directly observable attribute, a lender generally has to use estimates from factors that can be observed using various approaches. One approach is for a company to perform its own analysis; another approach is to use credit ratings from independent rating agencies; while a further approach is to use information and Page 18 Deutsches Eigenkapitalforum 2012 Business Risk Finan cial Risk RATING analyses provided by third parties or other analysts. Using multiple approaches will likely permit a lender to be more confident about its conclusions, especially if the approaches lead to similar conclusions or the same result. Credit ratings may play a useful role in enabling corporations to raise money in the capital markets. Instead of taking a loan from a bank, these entities sometimes borrow money directly from investors by issuing bonds or notes. Credit ratings may facilitate the process of issuing and purchasing bonds and other debt issues by providing an efficient, widely recognised, and long-standing measure of relative credit risk. Investors and other market participants may use the ratings as a screening device to match the relative credit risk of an issuer or individual debt issue with their own risk tolerance or credit risk guidelines in making investment and business decisions. Independent analysis of risk factors for senior management and owners of corporations. The dialogue with Standard & Poor’s during the rating process provides the senior management teams of corporations with an independent view on their operational and financial risks. We will weigh the different risk factors according to our corporate rating methodology in order to derive a rating. This analysis often allows senior management to anticipate what could be the most likely effect on their company’s credit quality, thus reflecting on their own strategic and operational scenarios. It also provides useful information to the owners of the corporation, which could be either public or private shareholders. A credit rating provides senior management with a globally recognised measure of creditworthiness, which eases communication. Companies can use this measure to communicate and discuss their credit profile with lenders, including bankers and debt investors.
We believe in German Mittelstand www.cbseydler.com � �� Lösungen nach Maß � �� Close Brothers Seydler Bank AG � �� T ��
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 and 16: Drive. Made in Germany. Also with e
Page 17: UNSER PROGRAMM FÜR DIE ZUKUNFT: ER
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
Page 60 and 61: International “There will be no r
Page 62 and 63: International China’s move to Eur
Page 64 and 65: Legal Synergy potentials versus syn
Page 66 and 67: 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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