The seminar covers a variety of rating criteria for sovereign and supranational organizations. Using detailed case studies, you will analyze how rating agencies use their own methods and which questions may remain unanswered in published rating reports. Various rating methodologies will be presented to discuss the different inter-related criteria, rating factors and qualitative adjustment mechanisms. Learn to read in rating reports “between the lines” and to make yourself your own picture about the credit risk of individual states of your interest. The aim of the seminar is to give you a well-founded analytical assessment of the credit risk of sovereigns and to discuss how these relate to ratings of other sectors (eg banking system). The handling of the case studies will help you to anticipate rating changes and initiate countermeasures if necessary.
Keypoints
- Standard & Poor’s Methodology for States Ratings
– Indicative rating level
Institutional and Economic Pro l: Institutional & Political Structures – Economic Assessment
Flexibility and performance pro l: International solvency tax capacity & debt – Monetary valuation
– Foreign currency rating vs. Local currency rating - Critical view on external state ratings
- Further rating methodologies
– Guarantee criteria
– Basic assumptions for country risk assessment in the banking sector (BICRA)
– (Sovereign) support mechanisms for banks – Calculation of bank capitalization from the point of view of the rating agency
– Potential rating impact on debt restructuring - Rating criteria for
– government-related entities (GRE)
– credit rating higher than the central government
– Use of Credit Watch and Outlook - Case study on currently published rating reports
Location: ARS Conference and Seminar Center, Vienna
Date: 22 May 2019
Type of seminar: Full day practical seminar
Language: German
Location: ARS Conference and Seminar Center, Vienna
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