Fitch, Standard & Poor’s and Moody’s dominate the market for credit ratings. Source: AP
HB FRANKFURT. The credit insurer Coface is preparing for a launch as an international rating agency. "We are working hard to expand our existing credit ratings so as to meet the needs of the economy and at the same time legal and political demands are just, "Coface Germany boss Franz Michel said on Friday.
Thus will the credit provider as an alternative to the three major rating agencies Standard & Poor’s, Moody’s and Fitch position. You are accused of complicity in the financial crisis by mass gave top marks to dubious financial products.
Many European politicians want to crack the oligopoly of the three agencies and, therefore, propose to expand such as credit insurer Euler Hermes, the Allianz subsidiary or to Coface credit rating agencies. Most recently, the French central bank chief Christian Noyer in the Handelsblatt interview a European rating agency had suggested as a rival to the Anglo-Saxon market leaders.
Coface has already developed a new corporate credit rating, which was currently being tested, said the company. The credit would only rate the creditworthiness of companies. "This is our core business, we can," said Michel. Other agencies also evaluate the creditworthiness of countries. Coface is headquartered in Paris, the three existing rating agencies have their headquarters in the United States.