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Request for Comments

Als Bestandteil eines fortlaufenden und offenen Dialogs mit Emittenten, Investoren sowie weiteren interessierten Parteien bittet Euler Hermes Rating, diese Methodik zu kommentieren. Bitte senden Sie Ihre Kommentare bis zum 29. Oktober 2017 an rfc@eulerhermes-rating.com. Die vorgeschlagene Methodik wurde zusammen mit Moody’s Investors Service (MIS) als Teil der zuvor angekündigten Zusammenarbeit mit Euler Hermes entwickelt, um Kreditratings für KMU in ganz Europa anbieten zu können.

Euler Hermes Rating bittet Marktteilnehmer um Kommentierung ihrer unter der Marke TRIBRating vorgeschlagenen Ratingmethodik für kleine und mittelgroße Unternehmen (KMU) in Frankreich außerhalb des Finanzsektors. Die vorgeschlagene Methodik wird für KMU die Emittentenrating-Methodik ersetzen, nach der aktuell Ratings für französische Unternehmen vergeben werden.

In der vorgeschlagenen Methodik führt Euler Hermes Rating eine Scorecard ein, welche die analytischen Faktoren beschreibt, nach denen diese KMU bewertet werden. Die Scorecard zeigt transparent, welche Gewichtungen diesen analytischen Faktoren zugeordnet werden, und erklärt, wie Euler Hermes Rating die verschiedenen Elemente bewertet. Zudem erklärt Euler Hermes Rating, wie die einzelnen Faktorwerte in das Ergebnis der Scorecard einfließen.

Euler Hermes Rating erwartet, dass die Methodik, wenn sie in der aktuellen Form implementiert wird, zu keinen oder nur wenigen Änderungen aktueller KMU-Emittentenratings führen wird. Sobald die finale KMU-Ratingmethodik veröffentlicht ist, wird Euler Hermes Rating alle Ratings von KMU überprüfen und gegebenenfalls Marktteilnehmern Veränderungen von Ratings bekanntgeben.

Grundlage dieser Methodik sind ein fundiertes Verständnis des französischen KMU-Marktes und eine umfassende Erfahrung mit der Bewertung der Risiken von KMU in Frankreich. Diese Methodik stützt sich im Wesentlichen auf Daten und Statistiken von ca. 45.000 Unternehmen mit Finanzdaten zwischen 2007 und 2016 sowie Umsätzen, die üblicherweise zwischen 10 und 500 Mio. € liegen.

Wesentliche Elemente

  • Die Analyse umfasst eine ausschließlich für französische KMU außerhalb des Finanzsektors erstellte Scorecard.
  • Die Scorecard besteht aus drei grundlegenden Faktoren (Sektorprofil, Geschäftsprofil, Finanzprofil) und vier Notching-Anpassungen (Liquidität, Schuldenstruktur, strategisches und operatives Management, Governance und Finanzpolitik).
  • Weitere Rating-Aspekte, wie Rechtsstruktur, externer Einfluss, Berichterstattung und Transparenz, Ereignisrisiko und einschränkende Faktoren, werden im endgültigen Rating berücksichtigt.

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Bitte senden Sie Ihre Kommentare bis zum 29. Oktober 2017 an rfc@eulerhermes-rating.com.

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