Services
Rating strategy, capital structure and funding execution – as one engagement.
Our measure of success is not simply the achievement of a credit rating. It is the long-term value created through a stronger financial platform: broader access to global capital, an optimised capital structure, a lower weighted average cost of capital and greater financial flexibility to support growth.
Core services
What we do for issuers
Strategic rating origination & positioning
For inaugural ratings and strategic upgrades we architect the credit narrative from the ground up.
- Objective view of the achievable rating and the key areas of sensitivity
- Leverage thresholds and rating drivers for each rating category and agency
- Qualitative and quantitative evidence needed to support the target rating
- Peer group analysis, qualitative as well as quantitative
Agency engagement & execution
We manage the end-to-end rating process so that senior management’s workload is kept to a minimum.
- Structure and draft the rating agency presentation
- Brief and rehearse management on likely areas of focus and questioning
- Arrange meetings with the most appropriate analytical teams and attend them with you
- Manage information flow, follow-up questions and the timing of the rating release
Capital structure & scenario modelling
Agency-adjusted modelling to test financing alternatives before decisions are locked in.
- Debt capacity and optimal capital structure around acquisitions and disposals
- Rating headroom under different leverage, liquidity and funding scenarios
- Maturity profile, refinancing risk and the impact of currency, commodity and fixed/floating mixes on key agency metrics
- Structural subordination, guarantees, leases and pension strategies
Ongoing rating defence & surveillance
Protecting the rating through transitions, shocks and cycles.
- Discussion of vulnerabilities and rating-action triggers, focused on your corporate objectives
- Indicative rating outcomes and rationale for specific scenarios
- Challenge of analytical assumptions and direct liaison with lead analysts
- Support through the appeal process and post-rating communication strategy
Who we work with
First-time ratings and rated issuers
Clients seeking a first-time rating
A full advisory partnership from due diligence to the rating release. We establish an understanding of the business model, identify the critical qualitative and quantitative issues, develop the credit positioning story and manage the agencies until the rating is published.
Flexible fee structures: flat fee, outcome-based or retainer.
Rated issuers
Ad-hoc advice, a retained relationship, or a partnership through specific events. We optimise funding within the group while complying with agency constraints, and assess the rating implications of transactions, financial policy changes and market shocks.
Retainer or outcome-based structures.
How we work
The four cornerstones of our approach
Information gathering
A detailed question list covers the key due diligence areas. We establish an understanding of the business model and key processes, identify the critical qualitative and quantitative issues that impact ratings, and provide peer group analysis.
Credit positioning
Based on the due diligence outcome we develop a strong credit positioning story, structure the rating agency presentation, and position the “soft” factors with mitigation strategies for agency concerns.
Management preparation
We describe the ratings process and agency practices, explain the methodologies and analyst biases, highlight likely questions and areas of concern, help management set realistic rating goals, and rehearse and refine the presentation.
Logistics management
We arrange meetings with the rating agencies, facilitate engagement with the most appropriate analytical teams, attend the meetings with you, and work closely with the agencies before and after the management meeting to optimise the outcome and expedite the rating release.
Ongoing support
What a retained relationship looks like
Much of our support is delivered in person, working alongside your team and engaging directly with the board and relevant committees where rating considerations form a core part of strategic decision-making.
Rating landscape updates
Quarterly and ad-hoc briefings on criteria developments, broader agency developments and the peer landscape, including specific criteria teach-ins.
Positioning & engagement support
Optimal credit positioning, presentation materials, management briefings and active participation in agency meetings.
Strategic ratings advice
Reviewing and challenging strategic scenarios: key vulnerabilities, rating-action triggers, credit positives and mitigants, and indicative outcomes – including rating evaluation services where appropriate.
Support through corporate events
Partnership in execution: likely rating impact, a comprehensive execution path, the core credit narrative, and management of the agency engagement through to completion.
Ready to discuss a rating?
Tell us about your situation and, in a free initial consultation, we will give you an objective view of the achievable outcome, the timing and what it will take.