Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 321

Posts Tagged ‘rating’

AM Best Affirms Credit Ratings of Members of GEICO

Posted by fidest press agency su martedì, 17 settembre 2019

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aaa” for the members of Government Employees Group (GEICO) (Chevy Chase, MD). The ratings of GEICO reflect the group’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management (ERM).The ratings also reflect GEICO’s robust capitalization, consistent track record of operating profitability, brand name recognition and pre-eminent national market position in the personal automobile insurance segment. GEICO’s solid operating results reflect a considerable underwriting expense advantage, driven by its direct distribution business model. In addition, the group continues to produce generally favorable loss experience while benefiting from a steady stream of investment income, and capital gains in its investment portfolio given the favorable performance of equity markets in most years. As a result, GEICO’s substantial capital growth over the most recent five-year period has comfortably supported the steady growth in premiums.
These positive rating factors are offset partially by GEICO’s high investment leverage derived from its significant allocation of invested assets to unaffiliated equities, which could lead to fluctuations in its risk-adjusted capitalization due to market swings or potential stock market downturns. In addition, GEICO maintains a modest geographic concentration that exposes it to legislative changes and judicial decisions, as its top five states account for slightly more than half of its direct premiums written. However, this risk is mitigated largely by GEICO’s geographic spread throughout the United States and management’s proven ability to quickly adapt to changing market conditions. The ratings also reflect GEICO Marine’s supportive risk-adjusted capitalization, historical ocean marine specialty niche expertise and the explicit support provided by NICO, in the form of significant quota share reinsurance coverage, and for which GEICO Marine receives rating enhancement. Additionally, the ratings recognize the implicit commitment provided by Berkshire.

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KBRA Assigns A- Rating to Air Lease Medium-Term Notes

Posted by fidest press agency su venerdì, 13 settembre 2019

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured rating of A- with a Stable Outlook to the 2-part Medium-Term Notes, Series A, due 2023 and due 2029, to be issued by Air Lease Corporation (NYSE: AL, “Air Lease” or “the Company”), an aircraft leasing company headquartered in Los Angeles, California. The company intends to use the proceeds for general corporate purposes, which may include the purchase of aircraft and the repayment of existing indebtedness. KBRA most recently affirmed the Company’s issuer and senior unsecured debt ratings of A- on December 14, 2018. The Notes will be Air Lease’s senior unsecured obligations and will rank equally in right of payment among themselves and with its existing and future senior indebtedness. The Notes will rank senior in right of payment to any future subordinated unsecured indebtedness and will be effectively subordinated to its existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. The Notes will be structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries.
The ratings of Air Lease are supported by strong financial fundamentals, as reflected by a low leverage strategy, strong profitability, liquidity and cash-flow metrics, and largely unencumbered asset base. The rating also takes into account Air Lease’s strong management profile and the growing strength of its global franchise, which is backed by a young and in-demand fleet, a diverse customer base, substantial forward lease placement of orders, and a strong order book. The ratings are further supported by the stable outlook of the global aircraft leasing industry. These strengths are balanced by the disciplined funding and placement planning required to manage the significant order book, an element of key-man risk despite good succession planning, the cyclical nature of the industry, potential credit quality issues in the airline industry as a whole, and event risks related to air travel in general.

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KBRA Assigns A- Rating to Wind Energy Transmission Texas

Posted by fidest press agency su lunedì, 9 settembre 2019

Kroll Bond Rating Agency (KBRA) assigns a A- rating to the 3.67% Senior Secured Notes Due 2034 (the “Notes”) issued by Wind Energy Transmission Texas, LLC (“WETT”) for an original principal amount of $490 million.The A- rating on the Notes reflects our view of the Project’s strengths, as follows:Supportive Regulatory Environment: Transmission and distribution utilities under the jurisdiction of the PUCT in ERCOT benefit from the timely recovery of incurred investments and expenses, allowing for stable and predictable cash flows.
Barriers to Entry for Competitors: Texas is well ahead of the 2025 target installed renewable capacity of 10,000 MW; there is currently approximately 21,000 MW of wind in the system and interconnect requests are high. While this is the case, there is a lengthy and rigorous process to be approved to develop a transmission system despite a need for more installed transmission capacity.
Low Business Risk: WETT is a transmission-only utility which limits the business and operating risk of the project. WETT’s budgeted operations and maintenance expenses are similar to those of other transmission assets; there is minimal maintenance capital expenditures expected during the life of the Notes. WETT has been able to successfully operate the project without any material unplanned outages or disruptions since achieving COD.
Proven Technology: The technology used in both the transmission lines and in the substations is well-known and proven. Given the age of the assets, there is low operating risk and the maintenance expenditures in the near term are not significant.

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AM Best Withdraws Credit Ratings of AIA New Zealand Limited

Posted by fidest press agency su domenica, 1 settembre 2019

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” of AIA New Zealand Limited (AIA New Zealand) (New Zealand), formerly known as Sovereign Assurance Company Limited. The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.The ratings reflect AIA New Zealand’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. In addition, AIA New Zealand benefits from rating enhancement from its ultimate parent; AIA Group Limited (AIA or the AIA group).
AIA New Zealand’s balance sheet strength is underpinned by its risk-adjusted capitalization, which AM Best expects to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR). In addition, the company’s local regulatory solvency position in New Zealand is expected to be maintained at an appropriate level, supported by AIA’s capital management strategy and AM Best’s expectation that financial support from the parent will be forthcoming, if required. A partially offsetting balance sheet factor is the company’s increased reinsurance utilization. Since being acquired by the AIA group in 2018, AIA New Zealand has ceded a notable portion of its existing in-force protection portfolio to a third-party reinsurer.The company has a track record of strong operating performance, with a five-year average return-on-equity ratio of 15% (fiscal years 2014 to 2018). AM Best continues to view AIA New Zealand’s business profile as favorable. The company remains the largest life insurer in New Zealand, with its market share (new and in-force business) exceeding 25%. AIA New Zealand also benefits from a 20-year strategic bancassurance partnership that is in place between AIA New Zealand, AIA International Limited (New Zealand Branch) and ASB Bank Limited, a wholly owned subsidiary of the Commonwealth Bank of Australia.AIA New Zealand’s ratings incorporate rating enhancement from AIA, one of the world’s largest life insurance groups. AIA New Zealand is ultimately wholly owned by AIA, and while the subsidiary accounts for a small component of the group’s overall revenues and earnings, it is considered important to the group in terms of accessing the New Zealand life insurance market and its strategic priority of developing long-term bancassurance partnerships.

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Nasce il primo rating “FinTech” per le PMI europee certificato a livello globale

Posted by fidest press agency su mercoledì, 17 luglio 2019

Ai nastri di partenza il primo rating “FinTech” certificato a livello globale e dedicato alle PMI europee che nasce dalla partnership fra modefinance, la prima agenzia di rating FinTech d’Europa (certificata CRA e ECAI da ESMA nel 2015), e Wiserfunding, fintech londinese specializzata nella valutazione del rischio di credito delle piccole e medie imprese, fondata dal Professor Edward Altman, inventore, nel 1968, del modello Z-score, il primo modello per la valutazione del rischio di credito, e massimo esperto mondiale sulla modellizzazione del rischio delle PMI. Dall’unione delle due metodologie di analisi (quella tradizionale unita all’approccio FinTech basato su artificial intelligence e Big Data analysis) nasce il primo rating capace di valutare in modo innovativo circa 25 milioni di PMI in tutta Europa (sia società non quotate sia quotate). L’utilizzo dei Big Data e la loro integrazione con dati privati e con le considerazioni del team di analisti relative a fattori non valutabili quantitativamente permette di sviluppare modelli altamente predittivi e affidabili in grado di individuare potenziali fattori di rischio con oltre 24 mesi di anticipo.Questo nuovo strumento permetterà, per la prima volta, a un target così ampio di PMI europee di avere un rating certificato su scala globale, indipendente e tempestivo (i rating tradizionali esistenti valutano circa 1,5 milioni di società per singolo paese e, ad oggi, non esisteva un rating dedicato alle PMI su scala europea) proprio perché realizzato con un mix vincente di analisi tradizionale e approccio FinTech. L’automatizzazione dei processi di analisi che ne deriva e la scalabilità delle informazioni rendono, quindi, fruibili e trasparenti in tempi nettamente inferiori i processi di valutazione del merito di credito di una PMI.
Secondo un recente rapporto di Unimpresa, in Italia, nel 2018, i prestiti alle PMI si sono ridotti del 5% rispetto all’anno precedente. La restrizione del credito bancario ha colpito con forza i 141 distretti industriali presenti nel territorio italiano che costituiscono circa un quarto del sistema produttivo del nostro Paese. Nel periodo compreso tra il 2010 e il 2017, i finanziamenti alle imprese dei distretti italiani si sono ridotti complessivamente di 57 miliardi. Inoltre, la normativa Basilea 3 prevede che una Banca, per emettere un finanziamento a una azienda priva di rating, debba accantonare a riserva molto più capitale rispetto ad un finanziamento erogato nei confronti di una società con un rating ufficiale. È ragionevole quindi aspettarsi un ulteriore aumento del costo del credito bancario alla luce delle nuove regole. Le Banche che utilizzano il metodo AIRB saranno tenute a fissare un limite minimo (cosiddetto output floor) al di sotto del quale il loro capitale regolamentare non potrà scendere. Per agevolare la ripresa di finanziamenti verso le PMI (segmento meno fornito di rating esterni) e ridurre l’impatto dell’output floor, sarà dunque fondamentale che gli istituti finanziari si dotino di sistemi esterni, credibili ed efficaci, per la stima del rating su PMI.
È evidente, quindi, come questo nuovo strumento risponda in modo efficace a una palese esigenza di sostegno alle imprese di piccole dimensioni nel mercato europeo e ancor di più in quello italiano: per un istituto finanziario poter avere a disposizione un rating così innovativo, immediato e democratico per la valutazione del rischio di credito di una PMI rappresenta una svolta importante che potrebbe agevolare la riapertura delle linee di credito a favore delle imprese di più piccola dimensione maggiormente virtuose. L’obiettivo è inoltre duplice: permettere alle PMI di comprendere il loro profilo di rischio (e come analizzarlo in ottica di costante miglioramento) ed aiutare i soggetti interessati a offrire credito alle imprese più piccole (piattaforme di factoring e lending, banche tradizionali, ecc.), a ridurre costi e requisiti di capitale, in ottemperanza alle più avanzate regolamentazioni esistenti.

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AM Best Affirms Credit Ratings of Lloyd’s

Posted by fidest press agency su venerdì, 12 luglio 2019

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Lloyd’s (United Kingdom), Lloyd’s Insurance Company (China) Limited (Lloyd’s China) (China) and Lloyd’s Insurance Company S.A. (Lloyd’s Brussels) (Belgium). Concurrently, AM Best has affirmed the Long-Term ICR of “a” of Society of Lloyd’s (the Society) (United Kingdom) and the Long-Term Issue Credit Ratings of “a-” on the GBP 500 million 4.750% subordinated loan notes maturing 30 October 2024 and on the GBP 300 million 4.875% subordinated notes maturing 7 February 2047. The outlooks of these Credit Ratings (ratings) remains stable.The ratings reflect Lloyd’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management.The Lloyd’s market benefits from its risk-adjusted capitalisation being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Capital adequacy is supported by a robust risk-based approach to setting member-level capital and a strong Central Fund, which is available to meet the policyholder obligations of all Lloyd’s members. AM Best’s assessment of the balance sheet strength of Lloyd’s takes into account the fungibility constraints of capital held at the member level and the market’s good financial flexibility, which is enhanced by the diversity of its capital providers.
The favourable business profile assessment reflects the strong position of Lloyd’s in its core markets, as a leading writer of reinsurance and specialty property and casualty insurance. Lloyd’s has an excellent brand in these markets but an increasingly difficult operating environment poses challenges to Lloyd’s competitive position. The market’s business mix is well-diversified but with some geographical bias toward North America and product bias towards moderate to high-risk commercial specialty lines products.
The ratings of Lloyd’s China and Lloyd’s Brussels reflect reinsurance support from Lloyd’s in the form of quota share contracts between Lloyd’s and the syndicates participating on the China and Brussels platforms.The rating of the Society is notched from the rating of the Lloyd’s market, reflecting the unique relationship between the Society and the Lloyd’s market, which means that the ability of the Society to meet its obligations is inextricably linked to the ability of Lloyd’s to meet its obligations.

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AM Best Affirms Credit Ratings of Unum Group and Its Core U.S. Subsidiaries

Posted by fidest press agency su venerdì, 14 giugno 2019

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of the core U.S. life/health insurance subsidiaries of Unum Group (Unum) (headquartered in Chattanooga, TN) [NYSE: UNM]. Additionally, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” of Unum Insurance Company (Unum Insurance) (Portland, ME) and Starmount Life Insurance Company (Starmount) (Portland, ME). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” and the Long-Term Issue Credit Ratings (Long-Term IR) of Unum. The outlook of the Credit Ratings (ratings) is stable.The ratings of the core U.S. life/health insurance subsidiaries of Unum reflect their balance sheet strength, which AM Best categorizes as strong, as well as their strong operating performance, favorable business profile and appropriate enterprise risk management.Unum’s strong balance sheet strength is supported through the organization’s continued profitability and quality investment portfolio. Unum continues to report strong operating results from its core ongoing insurance operations. Premium growth has been steady over the past five years, averaging about 4%. Loss ratios and persistency have been relatively stable, which has driven the organization’s steady operating earnings. Nevertheless, the company did have a reserve charge for its legacy long-term care (LTC) business during the third quarter of 2018. This charge had a material impact on the consolidated GAAP results for the year; however, the company still reported good results, with net income of more than $500 million for the year. The steady earnings stream produced by Unum’s core businesses somewhat mitigates the potential of adverse financial impact from the closed LTC business in the future.AM Best views Unum’s asset quality as good as investments are held mainly in investment grade fixed income securities. However, the company does have modest exposure to below investment grade bonds and commercial mortgage loans. Unum’s investment income has been relatively stable with modest impairments. The insurance operation’s liquidity is mainly supported by favorable operating cash flows. Additional financial flexibility is derived from holding company cash and investments, a $600 million revolving credit facility and access to Federal Home Loan Bank borrowings. Unum has manageable financial leverage of approximately 24% as of the first quarter of 2019. Interest coverage was just five times in 2018, lower than the high single-digit levels the company historically has reported. Unum’s new debt issue is not anticipated to materially increase the organization’s financial leverage on a long-term basis.Unum maintains a leading market positions in the majority of its core product lines with a diverse nationwide distribution network. Additionally, the company continues to diversify its earnings stream with new product offerings and through growth in its dental and international businesses, which helps to deepen penetration and aid with client persistency. Unum’s enterprise risk management program is well-developed and incorporated into strategy and financial planning for the organization.

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Sistema di rating per gli investimenti responsabili

Posted by fidest press agency su martedì, 12 marzo 2019

Columbia Threadneedle Investments rafforza la sua ricerca fondamentale con il lancio di un innovativo strumento di rating degli investimenti responsabili (IR) che combina la valutazione della stewardship finanziaria delle aziende con un giudizio sulle pratiche di gestione dei rischi ambientali, sociali e di governance (ESG). Lo strumento (a disposizione di tutti i team di gestione azionari della Società), che permette di coniugare entrambi questi aspetti all’interno di un unico rating prospettico basato su una scala da 1 a 5, rispecchia l’opinione di Columbia Threadneedle, secondo cui la gestione prudente dei fattori finanziari ed ESG è fondamentale ai fini della capacità di un’azienda di creare valore sostenibile a lungo termine.Il sistema di rating IR è stato concepito dall’unità di ricerca centrale di Columbia Threadneedle. Facendo leva sulle odierne tecnologie, il sistema di dati integrati basati sul cloud supporta un’ampia gamma di strumenti di accesso, di ricerca e modellazione tradizionali e avanzati, consentendo a più di 100 analisti di dedicare più tempo alla formulazione di giudizi e raccomandazioni.Lo strumento di rating è stato sviluppato in collaborazione con il team d’investimento responsabile globale di Columbia Threadneedle, composto da 12 membri e capitanato da Iain Richards, Direttore globale per l’investimento responsabile. Il team comprende esperti di analisi IR, ricerca e integrazione dei fattori ESG, stewardship ed engagement, voto per delega, risultati sostenibili e ricerca IR tematica. Disponibile dal 2018 al team azionario, i rating verranno estesi al team obbligazionario nel corso del 2019.La nostra cultura della collaborazione sostiene l’ecosistema della ricerca e assicura che tutti i giudizi vengano discussi, dibattuti e condivisi in seno all’intera organizzazione per creare una ricerca originale, independente e girata verso il futuro, in grado di generare rendimenti sostenibili e di lungo termine per i clienti di Columbia Threadneedle.
Colin Moore, Chief Investment Officer Globale di Columbia Threadneedle, ha affermato: “In veste di gestori attivi, abbiamo il dovere nei confronti dei nostri clienti di considerare i fattori che possono comportare rischi o che sono in grado di valorizzare il loro patrimonio nel tempo. A nostro avviso, un’analisi che coniughi gli indicatori della stewardship finanziaria e la valutazione della gestione dei fattori ESG rilevanti per l’attività d’impresa è fondamentale ai fini della creazione di valore. L’analisi fondamentale è alla base della gestione attiva e abbiamo predisposto un sistema di rating prospettico basato sui dati. Questo sistema fornisce ai nostri analisti e gestori una precisa visione d’insieme della leadership di una società, della sua governance e cultura e degli standard operativi, concentrandosi sugli aspetti più rilevanti ai fini della performance di lungo termine. Riteniamo che questo nuovo strumento di rating ci aiuterà ancora di più a valutare la qualità degli investimenti per i nostri clienti”.
Iain Richards ha affermato: “Oggi gli investitori vogliono valutare, comprendere e misurare le implicazioni di più ampio respiro delle loro scelte d’investimento. Hanno accesso a molteplici rating ESG di terze parti emessi dai vari istituti di ricerca, che offrono valutazioni molto discordanti tra loro. I proprietari di attivi manifestano insoddisfazione verso la mancanza di chiarezza e di rilevanza ai fini dell’investimento di molti degli attuali approcci ESG e verso la conseguente incertezza circa il probabile impatto dei fattori non finanziari sui rendimenti finanziari. Abbiamo cercato di ovviare a questi limiti fornendo ai nostri gestori uno strumento aggiuntivo per individuare in maniera ottimale il valore generato dalle aziende ben gestite e sostenibili o da quelle che hanno intrapreso un percorso di miglioramento.”I rating e le analisi basati sui dati concreti, uniti al potere della tecnologia, permettono ai gestori e agli analisti di disporre di informazioni fruibili in tempo reale, che vengono poi integrate nella ricerca e nella valutazione delle esposizioni e delle opportunità d’investimento. Si tratta di mettere l’accento sulla parola ‘investimenti’ negli ‘investimenti responsabili’.”

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Agenzie di rating non immacolate

Posted by fidest press agency su sabato, 2 marzo 2019

Arrivano le nuove pagelle delle agenzie di rating sull’Italia! La maggioranza dei media e tanti politici sono contenti come a Natale, sotto l’albero. Finalmente sapremo che i nostri titoli si avvicinano sempre più al livello di «spazzatura» e la cosa sembra consolare molti.In passato, abbiamo più volte messo in guardia da queste «incursioni». Lo abbiamo fatto quando al governo c’era Silvio Berlusconi e le opposizioni usavano i rating per provare che tutto andava male. Lo abbiamo fatto quando al governo c’erano i vari governi del centrosinistra e le opposizioni sventolavano le pagelle negative. Lo facciamo anche ora con il nuovo governo e le nuove opposizioni.I rating di Moody’s, Standard&Poor’s e Fitch non sono valutazioni fatte da enti indipendenti ed eticamente impeccabili. Le agenzie sono imprese private con base negli Usa che hanno la pretesa di giudicare le economie del resto del mondo. In America, invece, sono annualmente tenute d’occhio dalle istituzioni di controllo per scovare eventuali conflitti d’interesse e non sono per niente amate dalle autorità di governo. Il loro ruolo nefasto e corresponsabile nella Grande Crisi del 2007-8, i loro trascorsi e i legami con le grandi banche e con la finanza speculativa, non depongono bene.Fitch è posseduta dal colosso della comunicazione Hearst, che ha capitali e partecipazioni in centinaia di differenti business privati. Tra i suoi executive vanta dirigenti che hanno lavorato con banche e finanziarie come Merryl Linch, Lehman Brothers, Goldman Sachs , l’inglese Lloyd Bank, la Beneficial Corporation, ecc. Moody’s Corp. ha un fatturato di 4,2 miliardi di dollari per i suoi servizi finanziari e di rating. I suoi grandi azionisti sono fondi d’investimento e grandi banche. I suoi dirigenti si sono fatti le ossa nella Federal Reserve, nella City Group, nella JP Morgan Chase, nelle multinazionali della farmaceutica e del petrolio, come l’ExxonMobil.La S&P Global controlla anche l’omonima agenzia di rating. Prima era controllata dal conglomerato Mc Graw Hill Financial, una multinazionale dei servizi finanziari, che ha cambiato nome. I grandi azionisti sono i chiacchierati fondi d’investimento Black Rock e Vanguard. Vanta dirigenti che sono stati in posizioni di comando alla City Bank, alla JP Morgan Chase, alla banca olandese ING, al francese Credit Agricole, al Credit Suisse, e anche in grandi corporation tra cui la PepsiCo, la Lockeed Martin (tecnologia militare), ecc.Basterebbe una veloce occhiata ai loro siti internet per farsi un’idea precisa dei tanti passaggi dal mondo della grande finanza e della speculazione a quello delle grandi corporation che dominano i mercati e viceversa. È più che opportuno, quindi, ricordare quanto detto su di loro dalle massime autorità americane.Il documento «The financial crisis inquiry report», preparato da una Commissione bipartisan e pubblicato dal governo americano nel 2011, evidenzia in oltre 650 dettagliatissime pagine le nefandezze perpetrate prima e durante la Grande Crisi finanziaria del 2007-8. Così sintetizza: «Noi affermiamo che i fallimenti delle agenzie di rating sono stati delle cause essenziali della distruzione finanziaria. Le tre agenzie sono state le provocatrici chiave del meltdown finanziario. I titoli legati alle ipoteche immobiliari, centrali nello scatenamento della crisi, non potevano essere valutati e venduti senza il marchio di approvazione delle agenzie. Gli investitori, spesso in modo cieco, hanno fatto affidamento sui loro rating. In alcuni casi erano persino obbligati a comprare tali titoli, pena un aggravamento degli standard relativi alle regole sui capitali loro impostogli. La crisi non sarebbe potuta avvenire senza le dette agenzie. I loro rating, prima alle stelle e poi repentinamente abbassati, hanno mandato in tilt i mercati e le imprese».Anche il dossier del Senato americano «Wall Street and the financial crisis: anatomy of a financial collapse», pubblicato nel 2011, sulla base di approfondite indagini e di numerose audizioni, dettaglia il ruolo centrale e nefasto delle agenzie nel provocare la Grande Crisi. Evidenzia, in particolare, il loro ruolo fraudolento nel propinare titoli taroccati dai loro rating.Non deve quindi sorprendere se nel 2015 solo la S&P ha pagato 1,5 miliardi di dollari di multa per simili comportamenti fraudolenti. Una sanzione monetaria molto conveniente, sia per il modesto importo, sia perché l’agenzia ha evitato che le indagini andassero più a fondo, facendo eventualmente emergere risvolti più scabrosi e penalmente perseguibili.Evidenziamo tutto ciò certo non per occultare gli evidenti problemi economici del nostro paese. Ci sembra, però, insopportabile la mancanza di critiche nei confronti delle citate agenzie private di rating, che, dopo aver contribuito grandemente a provocare la crisi finanziaria più grande della storia, di cui il mondo e l’Italia soffrono ancora, imperterrite, e riverite, proseguono a dare pagelle a tutti, governi e imprese.
Se i loro rating fossero degli esercizi innocui di dispensare giudizi non richiesti, si potrebbe lasciarle giocare. Purtroppo i rating sono presi in considerazione dai mercati per giudicare le varie economie nazionali e, di conseguenza, per definire anche i tassi d’interesse sul debito pubblico. Si rammenti, inoltre, che la Bce li usa per definire l’affidabilità delle obbligazioni pubbliche dei paesi membri dell’Ue e per decidere se accettare o no tali titoli in garanzia per operazioni di credito e di finanziamento. Ciò, in verità, ci sembra una cosa del tutto «indigesta». (di Mario Lettieri già sottosegretario all’Economia e Paolo Raimondi economista) (fonte: Società Libera online)

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AM Best Affirms Credit Ratings of Hong Leong Insurance (Asia) Limited

Posted by fidest press agency su domenica, 13 gennaio 2019

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Hong Leong Insurance (Asia) Limited (HLIA) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.The ratings reflect HLIA’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.HLIA’s very strong balance sheet assessment mainly reflects its capital size and low underwriting leverage. Given the volume of risks that the company writes and retains, the capital required to support its book of business is relatively modest, which supports its risk-adjusted capitalization being at the strongest level.Both underwriting and investment results have been consistently positive, contributing to combined ratios of under 80% and operating ratios of below 70% over the past three years. The strong and consistent underwriting results are attributable mainly to the company being very selective in the type of business it chooses to underwrite and retain. For instance, in recent years, it has reduced its exposure to workers’ compensation and continued to stay away from highly competitive product lines, such as motor insurance.HLIA has good market positions in some niche segments within its domestic insurance market, primarily in travel insurance and domestic helper insurance. In addition, a significant portion of the company’s new business is now sourced from direct marketing and the company’s online portal, both of which contribute to its lower commission cost structure. Nevertheless, HLIA’s small market share and narrow product offerings have constrained its business profile assessment.The stable outlooks reflect AM Best’s expectation that HLIA will maintain underwriting results that outperform the industry composite, supported by steady revenue growth, a low acquisition cost structure and favorable claims experience for its core product lines.Downward rating pressure could result if there is significant deterioration in its risk-adjusted capitalization or financial performance. Additionally, the ratings may be downgraded if there is material deterioration in the credit profile of HLIA’s parent company, Hong Leong Financial Group Berhad.

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Hope For The Warriors Announces Four-Star Charity Navigator Rating for Eighth Consecutive Year

Posted by fidest press agency su sabato, 8 dicembre 2018

Hope For The Warriors’® strong financial health and commitment to accountability and transparency have earned the national military nonprofit a four-star rating from Charity Navigator, America’s largest independent charity evaluator. This is the eighth consecutive year that Hope For The Warriors has earned this top distinction. With more than 1.5 million American charities, Charity Navigator aims to accentuate the work of efficient and transparent organizations. According to Charity Navigator, only three percent of rated charities have attained at least eight consecutive four-star ratings.
Since 2002, Charity Navigator has evaluated the fiscal responsibility and accountability of nonprofits, only awarding the most fiscally responsible organizations a four-star rating.
“Providing the best care for our country’s warrior community is our top priority, and that care demands transparent fiscal responsibility,” said Hope For The Warriors CEO Robin Kelleher. “A four-star rating doesn’t just happen; it’s requires an established organizational culture and value of accountability. At Hope For The Warriors we also value the support of individuals, corporations and others who believe in our mission, and believe in HOPE to carry out that mission in an impactful and responsible way.”
Celebrating 12 years of service, Hope For The Warriors assists veterans, service members and military families with a variety of programming including clinical health and wellness, sports and recreation and transition services. charitynavigator.org.

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A.M. Best Affirms Credit Ratings of Nacional de Reaseguros, S.A.

Posted by fidest press agency su sabato, 27 ottobre 2018

A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Nacional de Reaseguros, S.A. (Nacional) (Spain). The outlook of these Credit Ratings (ratings) remains stable.The ratings reflect Nacional’s balance sheet strength, which A.M. Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.Nacional’s risk-adjusted capitalisation remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by strong internal earnings generation and modest underwriting leverage. The company’s balance sheet also benefits from a prudent reserving approach and limited catastrophe exposure as most natural perils in Spain are covered by the Consorcio de Compensación de Seguros (CCS), the compulsory government natural catastrophe scheme covering physical damage. A.M. Best expects the company’s prospective capital position to benefit from high earnings retention, underpinned by a prudent dividend policy that supports a pay-out ratio of approximately 30% of profit after tax.Nacional’s disciplined underwriting approach and limited exposure to natural catastrophes in its domestic market have contributed to consistently solid technical results, with five-year (2013-2017) combined ratios of 93.3%. In 2017, Nacional’s performance was dampened by natural catastrophe events in Portugal, Italy and Central Europe, and by the Atlantic hurricane season’s impact on Spanish and European cedants. However, the company’s profit after tax remained resilient at EUR 32 million (EUR 38 million in 2016).Nacional maintains a strong competitive position as a leading independent reinsurer in Spain. Gross written premium increased by 4.4% to EUR 556 million during 2017, driven by the continued recovery in Spain’s economy and Nacional’s successful growth in European markets. Nacional has successfully expanded its international activities in recent years targeting small-to-medium sized insurers and mutual societies in Europe, with foreign business accounting for 32% of Nacional’s total premiums in 2017. Nonetheless, uncertainties exist regarding the long-term profitability of the expansion outside of Spain, owing to persistent soft market conditions in the global reinsurance market. A.M. Best believes that Nacional’s expansion outside of its domestic market represents a source of potential volatility to the company’s performance on a gross basis; however, the company has shown the ability to manage its exposures through its comprehensive retrocession programme.

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Italy’s expansionary budget goals add to growing risks to sovereign rating

Posted by fidest press agency su giovedì, 4 ottobre 2018

Italian public debt stood at 133.4% of GDP as of Q1 2018, 31pp above Q1 2008 levels. Italy’s debt ratio has remained high after reaching about the current level in 2014 despite sustained economic recovery since then. The limited scope for fiscal slippage is exhibited in difficulties reducing debt-to-GDP even during good economic times: Italy grew 1.2% YoY in Q2 2018, above Scope’s estimate of potential growth for Italy of 0.75%.
“A failure to firmly improve fiscal sustainability while Italy is growing above potential could leave the economy exposed to significant risk come a future downturn,” says Dennis Shen, analyst at Scope Ratings. “Significant pro-cyclical fiscal expansionary policy is a mistake at this later stage of the global cycle, as it increases the likelihood of pro-cyclical fiscal austerity becoming needed in a recession, amplifying the hardships of that recession.”
Higher spending and lower taxes curtail future fiscal space while increased government borrowing and higher interest rates could crowd out private investment and consumption.
Scope has noted, for instance, that the IMF’s baseline for a gradual decline in Italy’s debt ratio to 116.6% by 2023 is optimistic, as this assumes budget balances improving from an estimated -1.6% in 2018 to a balanced position by 2021-23 alongside uninterrupted economic growth to 2023. If, for example, the fiscal deficit were raised to 2.4% of GDP and held at that level from 2019 onward, the debt ratio edges down only slightly to 127% of GDP by 2023, assuming nominal growth averages 2.4% over this period. The debt ratio could climb well above 145% of GDP in a ‘stressed’ scenario in which Scope assesses the impact on Italy’s public-sector balance sheet under conditions of a global economic shock (with the effect of two years of recession in Italy and associated deterioration in the fiscal balance) alongside a simultaneous spike in market financing rates. Viewed holistically, Scope assesses debt sustainability risks as material. “The likelihood of Italy’s debt ratio taking an overall upward slope over a five-year horizon is non-negligible,” says Shen. Scope awaits details of the new fiscal measures included in the 2019 budget alongside the published Update to the Economic and Financial Document as the budget is due to be submitted to the European Commission by 15 October. At this coming stage, Scope will evaluate the degree of a positive growth impulse based on the composition of the measures.In Scope’s view, even though the government has held the 2019 fiscal deficit target to under the 3% of GDP Maastricht level, the significant upward revision in deficit objectives, continued non-observance of the debt brake rule, and a breach of Italy’s progress towards its medium-term objective of a balanced budget in structural terms (requiring an annual structural adjustment of about 0.6% of GDP) risk nonetheless a new Excessive Deficit Procedure. The structural deficit is now slated to weaken to above 2% of GDP in 2019.Party leaders Luigi Di Maio and Matteo Salvini have staked considerable political capital on the elevated budget deficit goal so it may be hard to see them easily reversing course in the near term. From the EU’s perspective, any future consideration of sanctions (of 0.2% of GDP alongside available temporary suspension of European structural and investment fund inflows) must also crucially consider the impact on the May 2019 European parliamentary elections. The degree of market pressure (Italian 10-year bond yields have risen to 3.4%, the highest since 2014) and warnings regarding the budget’s consistency with the Italian Constitution will likewise prove consequential to any budgetary amendments.On 8 June, Scope affirmed Italy’s sovereign rating of A- but revised the Outlook to Negative from Stable. Italy’s ratings reflect both credit strengths including a 6.9-year average public debt maturity with nearly 70% of debt held by the resident sector, as well as vulnerabilities like gross government financing needs of 21.3% of GDP in 2019 – the highest in the EU. (by Scope Ratings GmbH is part of the Scope Group)

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A.M. Best Affirms Credit Ratings of Maxseguros EPM Ltd.

Posted by fidest press agency su martedì, 28 agosto 2018

A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Maxseguros EPM Ltd. (Maxseguros) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.The ratings reflect Maxseguros’ balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.The ratings also reflect Maxseguros’ strong risk-adjusted capitalization, supported by a comprehensive and adequate reinsurance program coupled with conservative balance sheet strategies, as conservative investment policy and limited premium risk exposure. Additionally, the ratings recognize the support of its parent, Empresas Publicas de Medellin E.S.P. (EPM), owned by the Colombian municipality of Medellin. EPM is the largest power generation and multi-utility company in Colombia. Maxseguros is a single-parent captive insurer wholly owned by EPM, which provides reinsurance to the EPM group, covering property damage and business interruption, commercial crime, directors and officers and construction liability exposures.
These positive rating factors are offset partially by Maxseguros’ limited business and market scope, which is somewhat mitigated by the company’s stable results, favorable geographic spread of risk and the history of Maxseguros’ growing surplus position, as well as the support of its ultimate parent, EPM. Additionally, while Maxseguros depends on reinsurance, EPM’s senior management is involved intimately in the captive’s operations.The stable outlooks are derived from Maxseguros’ ability to sustain a strong level of operating performance due to its demonstrated risk management expertise and conservative underwriting criteria. This held true in 2016 and 2017, when the company presented net claims while producing constant positive bottom line results. A.M. Best has a favorable view of Maxseguros’ overall profile within the ultimate parent’s structure and recognizes the benefits inured from this. Particular attention is paid to EPM senior management’s active involvement. Positive rating triggers could include sustained positive operating results and improved risk-adjusted capitalization. Negative rating impact could occur if underwriting performance declines or demonstrates volatility that negatively impacts earnings and capitalization over time. Negative rating impact also could occur if there is a material shift in risk profile that potentially could undermine the stability and profitability of the company, or if financial issues arise and place pressure on the ratings or the parent’s credit profile.

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A.M. Best Affirms Credit Ratings of Bosna Reosiguranje d.d. Sarajevo

Posted by fidest press agency su venerdì, 6 luglio 2018

A.M. Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Bosna Reosiguranje d.d. Sarajevo (Bosna Re) (Bosnia and Herzegovina [BH]). The outlook of these Credit Ratings (ratings) remains stable.The ratings reflect Bosna Re’s balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.Bosna Re’s balance sheet strength is supported by the strongest level of risk-adjusted capitalisation, which benefits from robust internal capital generation, a well-rated retrocession panel and prudent reserves. Risk-adjusted capitalisation strengthened considerably in 2017 owing to the sale of a material private equity investment; however, A.M. Best expects prospective risk-adjusted capitalisation to deteriorate marginally as the sale proceeds are distributed to shareholders as extraordinary dividends. Offsetting balance sheet strength factors include the potential volatility of earnings from the investment portfolio, limited access to financial flexibility and the relatively small overall capital base, which exposes risk-adjusted capitalisation to volatility.Bosna Re maintained its market leading position in BH in 2017, commanding an 77% share of reinsured premiums in the Bosnian market (based on gross written premiums); it remains the only domestic reinsurer licenced to write life and non-life insurance. A.M. Best considers the company’s competitive position defensible over the medium term, owing to the high barriers to entry in BH, which include regulatory constraints and the burdensome costs of operating in a small market. Bosna Re’s underwriting portfolio remains concentrated, with approximately 45% of its gross written premiums derived from its top three cedants (some of which are shareholders). Additionally, the company’s geographic diversification remains limited, with only 12% of gross premiums emanating from outside of BH. A.M. Best believes that the company’s dominant domestic market profile provides some protection against the potential impact from the challenging economic and political conditions in BH.Bosna Re has a track record of stable operating performance, generating pre-tax profits of BAM 2.6 million (USD 1.6 million) in 2017. Stable underwriting performance underpins the company’s results, with a five-year average combined ratio of 96.1% (2013-2017), further supplemented by investment earnings. A.M. Best expects Bosna Re’s earnings to remain stable, as the company maintains a cautious underwriting strategy. For more information, visit http://www.ambest.com.

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A.M. Best Affirms Credit Ratings of The People’s Insurance Company of China (Hong Kong), Limited

Posted by fidest press agency su sabato, 30 giugno 2018

A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of The People’s Insurance Company of China (Hong Kong), Limited (PICC HK) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect PICC HK’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the lift the company receives from its parent, The People’s Insurance Company (Group) of China Limited (PICC Group).PICC HK is well-capitalized as measured by Best’s Capital Adequacy Ratio (BCAR). Capital and surplus grew during the past five years through partial retention of net profits, and the capital position was further strengthened in 2017 due to the capital injection of HKD 140 million from its two shareholders, PICC Group and Asia Insurance (Investment), Ltd., which own 75% and 25% of PICC HK, respectively.As PICC Group’s sole overseas subsidiary, PICC HK plays a strategic role in the group’s overseas development. In addition to capital support provided by the group, PICC HK also benefits from underwriting inward treaty from its affiliated company, PICC Property and Casualty Insurance Company Limited (PICC P&C), which contributes a significant volume of business to the company’s book.Offsetting rating factors include PICC HK’s limited business profile, as reflected by its small presence in Hong Kong’s non-life insurance market. The company mainly writes commercial lines business in the competitive domestic market under a prolonged soft market environment.
Positive rating actions may occur if PICC HK can improve its business profile significantly while maintaining adequate operating performance and risk-adjusted capitalization at a very strong level. Negative rating actions could occur if PICC HK’s operating performance deteriorates significantly and erodes its risk-adjusted capitalization. A reduced level of support from the PICC Group, or deterioration in the group’s credit profile may also bring negative rating pressure on PICC HK.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit http://www.ambest.com. Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Best’s Special Report: Kazakhstan’s Insurance Market – Rating Considerations

Posted by fidest press agency su mercoledì, 25 aprile 2018

In the three decades since the demonopolisation of the local insurance market, Kazakhstan’s insurance industry has developed rapidly, fuelled by the country’s rising economy and increased consumer spending, as well as regulatory measures, such as the introduction of compulsory lines of business, and tax incentives, according to A.M. Best.
A new Best’s Special Report, “Kazakhstan’s Insurance Market – Rating Considerations,” states that the evolution of the insurance industry has also been supported by the introduction of regulation aimed at containing the risks posed by the fast-growing and increasingly competitive market, including limits on maximum risk retentions, investment concentrations and reinsurance cessions. Nonetheless, the Kazakh insurance sector remains small by international standards, with gross written premiums of KZT 370 billion (approximately USD 1.1 billion) in 2017.Valeria Ermakova, senior financial analyst, said: “The Kazakh insurance market has overall been profitable, with the 32 companies in the market posting a three-year average return on equity of 26%, as calculated by A.M. Best for the period 2015-2017. A.M. Best notes that the profitability of the life market is noticeably higher, reflecting strong premium growth.”The report also examines market consolidation trends, noting that the number of insurers has reduced in recent years due to increasingly stringent oversight by the regulator, which has resulted in a number of insurance licence suspensions due to non-compliance with regulatory requirements such as solvency margins, as well as the voluntary exit of some companies’ shareholders from the insurance segment. In the medium term, a further reduction in the number of insurers is expected, due to regulatory actions and as companies consolidate operations in a bid to improve their financial strength and realise the benefits of scale. Balance sheet strength is viewed by A.M. Best as the foundation for financial security; thus, its evaluation is critical when determining a company’s ability to meet its current and ongoing obligations. Kazakh insurers rated by A.M. Best differ considerably in terms of their balance sheet strength assessment. One of the factors driving the variability is the level of risk-adjusted capitalisation that entities maintain, depending on their capital management strategies.

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Carlson Wagonlit Travel riceve per il secondo anno consecutivo il rating Gold di EcoVadis

Posted by fidest press agency su sabato, 21 aprile 2018

Carlson Wagonlit Travel (CWT), società digitale di gestione dei viaggi d’affari leader a livello mondiale, ha annunciato oggi che le sue pratiche di Responsible Business hanno ricevuto per il secondo anno consecutivo il rating Gold da parte di EcoVadis, agenzia indipendente di rating sulla responsabilità sociale d’impresa (CSR) internazionalmente riconosciuta. Questa valutazione colloca CWT nel top 1% di tutte le società valutate a livello mondiale da EcoVadis, sia nel suo settore sia nel totale delle aziende. Nel suo settore, CWT rientra anche nel top 1% per le specifiche categorie Prassi aziendali eque e Etica & Compliance.«Aver ricevuto per il secondo anno di seguito la valutazione Gold per la CSR a livello globale è una conferma, per noi e per i nostri clienti, dei vantaggi di vivere i valori di CWT- ha dichiarato Catherine Maguire-Vielle, Chief Human Resources Officer di CWT. – Il responsible business è un elemento fondante di tutte le nostre relazioni con i clienti e la certificazione Gold di EcoVadis mette in evidenza il nostro impegno ad agire secondo i più alti standard di etica e condotta in tutte le nostre attività».«Il rating ottenuto dimostra che l’approccio di CWT al Responsible Business si focalizza su tutte le problematiche CSR più importanti – ha aggiunto Françoise Grumberg, Vicepresident Global Responsible Business di CWT. – La valutazione Gold riconosce anche il lavoro di squadra e l’impegno diffuso in ogni area dell’organizzazione a integrare ancora più profondamente la CSR nella nostra cultura aziendale». EcoVadis utilizza una metodologia che valuta le aziende sulla base di 21 criteri di CSR, raggruppati in quattro aree chiave: ambiente, tutela dei lavoratori, prassi aziendali eque e acquisti sostenibili. La performance di CWT è stata valutata in ciascuna di queste quattro aree analizzando politiche, azioni e risultati.

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A.M. Best Upgrades Issuer Credit Rating of Members of Farm Bureau Property & Casualty Group

Posted by fidest press agency su domenica, 1 ottobre 2017

CompensateProducersWebinarTile.pngA.M. Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” from “a” and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Farm Bureau Property & Casualty Insurance Company and Western Agriculture Insurance Company, collectively known as Farm Bureau Property & Casualty Group. The outlook of the Long-Term ICR has been revised to stable from positive, while the outlook of the FSR remains stable. Both companies are domiciled in West Des Moines, IA.The rating upgrade reflects the group’s strong risk-adjusted capitalization, favorable operating performance and well-established market presence. The capital position further benefits from the group’s high quality investment portfolio, consistently favorable loss reserve development trends and comprehensive reinsurance program. Additional strengths include its strong brand recognition, strengthened member service capabilities, exclusive agency force and its affiliation with Farm Bureau Federations, which facilitates marketing and government relations efforts, thereby providing greater access to its members. The group’s favorable operating performance over the past several years has been enhanced by management’s ongoing efforts to position the organization for long-term future success through various underwriting, product and pricing initiatives to support growth and retention of profitable business.These positive rating factors are partially offset by the group’s geographic concentration in the Midwest, which exposes its earnings to catastrophe losses stemming from wind, hail, tornadoes and winter storms as observed through the first half of 2017. Despite significant weather-related losses in the first half of 2017, the group’s management anticipates full year underwriting and operating results will remain consistent with planned projections based on its prudent risk management, well-developed enterprise risk management capabilities and comprehensive reinsurance program.This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases. A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit http://www.ambest.com.

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Legalità: il rating approda nel Registro delle Imprese

Posted by fidest press agency su sabato, 10 giugno 2017

camere-di-commercioIl Registro delle Imprese si arricchisce di nuove informazioni per mettere a fuoco il profilo di affidabilità delle aziende. Grazie all’intesa tra InfoCamere e Autorità Garante della Concorrenza e del Mercato, a partire dall’autunno prossimo le visure estratte dal Registro delle Imprese delle Camere di Commercio conterranno l’indicazione del rating di legalità rilasciato dall’AGCM alle aziende che ne hanno fatto richiesta e che hanno superato il vaglio dell’Autorità stessa. Il rating di legalità è uno strumento introdotto nel 2012 volto alla promozione e all’introduzione di principi di comportamento etico in ambito aziendale, tramite l’assegnazione di un riconoscimento – misurato in “stellette” — indicativo del rispetto della legalità da parte delle imprese che ne abbiano fatto richiesta e, più in generale, del grado di attenzione riposto nella corretta gestione del proprio business. L’acquisizione al Registro delle Imprese delle informazioni sul rating di legalità rientra nel processo di continuo miglioramento di qualità, completezza e trasparenza delle informazioni presenti nelle banche dati gestite dalle Camere di Commercio, perseguito attraverso l’integrazione di informazioni sulle imprese gestite da altre Pubbliche Amministrazioni.L’elenco completo delle aziende che finora hanno ottenuto il rating di legalità, con il relativo punteggio, è pubblicato sul sito dell’Autorità (http://www.agcm.it) e dal prossimo mese di ottobre sarà integrato nelle visure del Registro delle Imprese (www.registroimprese.it) rilasciate dalle Camere di Commercio. La mappa delle imprese con le “stellette” della legalità Alla fine di aprile 2017, le imprese in possesso delle “stellette” della legalità sono 3460. Per la maggioranza, si tratta di realtà del Nord (55,6%), rispetto al 22% del Centro e al 31,7% del Mezzogiorno (Sud e Isole). Il 62% sono concentrate in cinque regioni, con in testa l’Emilia Romagna (15,3), seguita dalla Lombardia (14,7), dal Veneto (12,1), dalla Puglia (11) e dal Lazio (8,7). Circa il 90% delle imprese che hanno il Rating di legalità è una PMI secondo definizione Europea ovvero con un volume d’affari uguale o inferiore ai 50 milioni di euro e meno di 250 addetti. Tra queste la maggior parte (52,1%) è una piccola impresa, occupa meno di 50 addetti e un fatturato non superiore ai 10 milioni di euro. In base al tipo di attività, il 40% delle imprese opera nel settore nell’industria manifatturiera e circa il 20% nel settore notoriamente “sensibile” come quello dell’edilizia. La quota maggiore è costituita da Società a responsabilità limitata (54,7%), seguite dalle Spa (19,5). Il riconoscimento viene rilasciato su base volontaria e può essere richiesto per via telematica dalle imprese che hanno sede operativa nel territorio nazionale, che abbiano un fatturato minimo di due milioni di euro nell’ultimo esercizio e che risultano iscritte nel Registro delle Imprese da almeno due anni. Ha un intervallo variabile tra un minimo (corrispondente a una “stelletta”) e un massimo (corrispondente a tre “stellette”), attribuito dall’Autorità stessa
sulla base delle dichiarazioni delle aziende, verificate grazie a controlli incrociati con i dati in possesso delle pubbliche amministrazioni. Il rating di legalità ha durata di due anni ed è rinnovabile su richiesta.

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