- Euler Hermes Rating GmbH, the registered credit rating agency (CRA) subsidiary of Euler Hermes, today publishes its TRIBRating methodology for Spain, allowing them to offer their rating service specifically designed for small- to medium-sized businesses and MidCaps with revenues between €10m and €500m in Spain
- The TRIBRating service aims to enable small and mid-sized businesses to gain a transparent and internationally comparable credit rating using the full spectrum of the well-known ‘AAA’ to ‘D’ global scale
- TRIBRating could enable SMEs and MidCaps attract a wider range of funding sources
Euler Hermes Rating GmbH, today publishes the Spanish TRIBRating methodology, a new rating approach specifically designed for SMEs and MidCaps. TRIBRating is a service developed through the Euler Hermes collaboration with Moody’s Investors Service, formed in late 2016. Launched in 2017 and already operational in Germany, France and Italy, TRIBRating is now being introduced in Spain as the fourth country of its wider European rollout. The TRIBRating service aims to enable small and mid-sized businesses with revenues between €10m and €500m to gain a transparent and internationally comparable credit rating using the full spectrum of the well-known ‘AAA’ to ‘D’ global scale.
“Using a detailed, tailored and transparent methodology and SME-specific modelling, TRIBRating offers a robust assessment of creditworthiness. This independent and globally comparable credit rating could enable small- to medium-sized businesses in Spain to attract a wider range of funding sources.”said François Bourgeois, CEO of Euler Hermes Rating. With the new Spanish TRIBRating methodology, the tools for a greater transparency of European SME and MidCap credit risk that had previously only been available in Germany, France and Italy will now also extend to Spain. Smaller companies seeking to grow domestically or through export can now differentiate their credit risk levels from those of competitors in a way that has previously been typically restricted to larger businesses.”
The TRIBRating methodology was developed in collaboration with Moody’s Investors Service, a leading global rating agency with extensive experience in developing rating methodologies across a range of sectors. Coupled with Euler Hermes’ extensive knowledge of SME credit risk, TRIBRating identifies, analyses and monitors the specific credit characteristics of SMEs and MidCaps.
“TRIBRating is an important evolution in providing market participants with greater clarity regarding the components of SME and MidCap credit risk through global consistency and transparency,” said Jens Schmidt-Bürgel, Managing Director at Moody’s Investors Service. “It is a solution market participants have long been looking for, and Moody’s is pleased to collaborate with Euler Hermes on this.”
About Euler Hermes Rating
Euler Hermes Rating GmbH (Euler Hermes Rating) was founded in 2001 as an independent European rating agency of the Euler Hermes and Allianz Group focusing on issuer and issue ratings. Euler Hermes Rating is registered as a credit rating agency (CRA) in accordance with Regulation (EC) No 1060/2009 of the European Parliament and Council (as amended) and is considered as an external credit assessment institution (ECAI) by the European Banking Authority (EBA). Euler Hermes Rating is a subsidiary of Euler Hermes, the world leader in trade credit insurance. The Moody’s group owns a minority stake in Euler Hermes Rating.
© 2018 Euler Hermes Rating GmbH (“EHRG”) and/or its licensors and affiliates. All rights reserved.
CREDIT RATINGS ISSUED BY EHRG ARE EHRG’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND EHRG’S PUBLICATIONS MAY INCLUDE EHRG’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. EHRG DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND, IN THE CASE OF ISSUANCE-LEVEL CREDIT RATINGS, ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND EHRG’S OPINIONS INCLUDED IN EHRG’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND EHRG’S PUBLICATIONS ARE NEITHER A PROSPECTUS NOR A SUBSTITUTE FOR INFORMATION ASSEMBLED AND PRESENTED BY COMPANIES OR ISSUERS FOR INVESTORS REGARDING THE PURCHASE OF A SECURITY OR FOR ASSESSING THE CREDITWORTHINESS OF A RATED ENTITY. CREDIT RATINGS AND EHRG’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR EHRG’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. EHRG ISSUES ITS CREDIT RATINGS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, CONDUCT ITS OWN INDEPENDENT ANALYSES, CREDIT ASSESSMENTS AND OTHER VERIFICATIONS AND EVALUATIONSOF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
EHRG’S CREDIT RATINGS AND EHRG’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE EHRG’S CREDIT RATINGS OR EHRG’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT EHRG’S PRIOR WRITTEN CONSENT.
All information contained herein is obtained by EHRG from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. EHRG adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources EHRG considers to be reliable including, when appropriate, independent third-party sources. However, EHRG is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the EHRG publications.
Please note that summaries of contracts, laws and other documents contained in any EHRG publication, rating report or other materials cannot replace careful study of the relevant complete texts.
EHRG and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if EHRG or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by EHRG. The limitations do not apply to the extent that fraud, intent or any other type of liability cannot be excluded and/or limited under applicable law.
EHRG and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, on the part of, or any contingency within or beyond the control of, EHRG or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. The limitations do not apply to the extent that fraud, intent or any other type of liability cannot be excluded and/or limited under applicable law.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY EHRG IN ANY FORM OR MANNER WHATSOEVER.
The dissemination and use of an EHRG rating report may be prohibited by law in certain jurisdictions. Any persons who come into the possession of such information should inquire about and comply with any prohibitions that may be in place. EHRG assumes no liability of any kind with respect to such dissemination and use of any rating in any jurisdiction whatsoever.
Euler Hermes Rating GmbH