Topic: Communicating effectively with rating agencies
Synopsis: Rating agencies are powerful players in the financial industry. Their ratings and rating actions can trigger substantial movements of capital.
Following the financial crisis, the EU has adopted new legislation regarding Rating Agencies, targeting increased transparency, avoidance of conflict of interests, improved quality, ensuring independence and objectivity. The registration is due by September 2010 and will impact the rating market in 2011.
Next to the Big Three global players (Standard and Poors, Moody’s and FitchRating), around 70 players exist worldwide. The business models of the rating agencies might differ substantially in terms of sectors covered, types of ratings (solicited/unsolicited), methodologies used (government support, sovereign ceiling, hybrids), investors reach etc.
Through the understanding of the rating agencies processes, key topics and red flags, the effectiveness of your communication with rating agencies will be substantially enhanced.
Thomas Missong has worked 8 years in the financial industry and is a founding member of EACRA, the European Association of Credit Rating Agencies.
Thomas Missong works as an independent consultant since December 2008 with a specific focus on Rating Analysis, Rating Advisory and Financial Advisory. He also conducts Corporate Credit Risk Seminars with several partners.
Prior to that Thomas was Executive Director of Triple A Corporate and Rating Advisory, a 100% subsidiary of UniCredit Bank Austria in Vienna, acting as communication channel between the bank, the bank clients and the international rating agencies. Previously, he worked as a project manager in Bank Austria Creditanstalt in the Energy and Utilities team in Vienna and as project Manager for Lyonnaise des Eaux, the leading global water utility, in Paris.
Thomas Missong has a Master's degree in European Political Affairs from the College of Europe in Bruges and holds a Magister in Business Administration from Wirtschaftsuniversitat in Vienna (with focus on Capital Markets).
At present Thomas Missong is working on projects to improve the collaboration of rating agencies across Europe and assists clients in their relations with external rating agencies.
