Revised Criteria for Rating Nonbank Financial Institutions And Financial Services Companies
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1 Revised Criteria for Rating Nonbank Financial Institutions And Financial Services Companies Financial Institutions Ratings Live Webcast: December 17, Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor s. Copyright 2014 by Standard & Poor s Financial Services LLC. All rights reserved.
2 Criteria Documents Nonbank Financial Institutions Rating Methodology (December 9, 2014) Standard & Poor's Summarizes The Request For Comment Process For The Nonbank Financial Institutions Criteria (December 9, 2014) Issue Credit Rating Methodology For Nonbank Financial Institutions And Nonbank Financial Services Companies (December 9, 2014) Standard & Poor's Summarizes The Request For Comment Process For Issue Credit Rating Methodology For Nonbank Financial Institutions And Nonbank Financial Services Companies (December 9, 2014) Key Credit Factors For Financial Services Finance Companies (December 9, 2014) Key Credit Factors For Asset Managers (December 9, 2014) Key Credit Factors For Financial Market Infrastructure Companies (December 9, 2014) Key Credit Factors For U.S. Business Development Companies (December 9, 2014) Standard & Poor's Summarizes The Request For Comment Process For The Nonbank Financial Services Companies And U.S. Business Development Companies Criteria (December 9, 2014) Related Criteria Articles: Criteria: Banks: Rating Methodology And Assumptions, Nov. 9, 2011 Criteria: Corporate Methodology, Nov. 19,
3 The Corporate Ratings Criteria Framework 3
4 Financial Services Companies: Three Key Credit Factors A. Asset Managers: Key changes implemented in final criteria 1. Clarified when we calculate and apply debt/adjusted total equity as the core ratio in the cash flow/leverage section 2. Updated and clarified when the asset manager can get a positive assessment for the investments sub-factor within capital structure modifier 3. Clarified that we apply corporate criteria for ratios and adjustments and we may net surplus cash when calculating debt AND For all FSC (including FSFC, FMI and Asset Managers) 1. Financial Risk Profile - We aligned the weightings and time periods for our calculation of core and supplementary cash flow/leverage metrics in order to be more forward looking in our analysis. The calculation is still based on a three year weighted average. 4
5 Financial Services Companies: Three Key Credit Factors C. Financial Services Finance Companies: Key changes implemented in final criteria 1. External Funding is now Asset-specific funding 2. Specific funding may be netted when assets are highly liquid 3. Financial Risk Profile - We aligned the weightings across FSC see slide 3 5
6 Financial Services Companies: Three Key Credit Factors B. Financial Market Infrastructure Companies: Key changes implemented in final criteria 1. Clearing and settlement (C&S) risk - we assess whether an FMI (fully, broadly, partly, or does not) observe the relevant PFMIs which better aligns the criteria with the spirit of the PFMIs. 2. Preliminary Anchor we make an exception for independent member-owned (utility-like) FMIs when combining the Financial Risk Profile and Business Risk Profile to determine the preliminary anchor 3. Capital Structure we adjust the modifier assessment when prudentially regulated and it conducts limited banking operations linked to its core FMI business 4. Financial Risk Profile - We aligned the weightings across FSC see slide 3 6
7 Financial Market Infrastructure Companies 7
8 U.S. Business Development Companies: NBFI Key Credit Factor Key changes implemented in final criteria 1. Clarified the rationale for assessing BDCs anchor two notches below banks in the US 2. Clarified how we take into account and incorporate the incentive fees paid or payable on excluded realized and unrealized gains and losses, when we calculate non deal-dependent income or realized return on average portfolio investments 3. Updated the criteria to take into consideration the possibility that the regulatory leverage limits applied to BDCs could change 8
9 NBFI Framework: Overview 9
10 NBFI Framework: The Anchor 10
11 NBFI Criteria Summary of Key Changes Since the RFC A. NBFI FINANCE COMPANIES 1. Funding & Liquidity for fincos a liquidity coverage metric (LCM) above 2x still typically supports a strong assessment of liquidity, but liquidity may also be strong if the LCM is above 1.5x and there are material liquidity strengths not captured by the ratio. This better aligns with the corporate threshold. 2. Funding & Liquidity assessment gives credit to undrawn unsecured committed facilities that enable repayment beyond one year of draw date. 3. CLE qualitative assessment for fincos better explains how the earnings and quality of capital and financial flexibility factor into the CLE assessment. 4. Certain IPF Fincos are no longer in Scope. 5. Hedges are recognized in the funding assessment as a mitigant to currency risk. 11
12 NBFI Criteria Summary of Key Changes Since the RFC 12 B. NBFI SECURITIES FIRMS 1. The complex volatility of earnings assessment is eliminated for securities firms. 2. Clarified the funding and liquidity assessment to better define what constitutes stable funding and what resources are better considered in the liquidity assessment. FOR BOTH NBFI Finance Companies and Securities Firms: 1. Parent and Group support for Funding & Liquidity was clarified and can now be incorporated as ongoing support to enable an adequate or adequate-high assessment, but not strong at the factor assessment level and is not assessed at the subfactor level. 2. The anchor is better explained. 3. Profitability is properly described as a sub-subfactor (it is part of market position which is part of business stability which is part of business position.
13 NBFI Criteria Summary of Key Remaining Differences to Bank Criteria Business Stability is the central assessment of NBFI Business Position which is adjusted by business concentration and management and governance. 2. Anchors remain 2-3 notches below banks and solely reflect economic and industry risks. 3. Cash flow assessment remains fundamental to the finco liquidity assessment. 4. Securities firms GSFR remains the key funding metric. 5. RACF is applied to all securities firms as is a leverage test. 6. RACF is the primary ratio assessed for NBFI Fincos. However, leverage is an alternative and is assessed in the CLE as opposed to Risk Position. 7. The CLE qualitative assessment continues to have a modified role in finco analysis relative to banks. 8. RP (fincos) is anchored to Lending and Underwriting Standards 9. RP (securities firms) is anchored to principal risk management
14 Rating Impact Statistics NBFI Ratings Total Unchanged % Upgrades % Downgrades % Up+Down % Outlook Changes Finance Companies % 8 8.5% 2 2.1% % 4 Securities Firms % 4 9.8% % % 1 BDCs % 1 5.6% 1 5.6% % 2 All NBFI % % 8 5.2% % 7 FSC Ratings Total Unchanged % Upgrades % Downgrades % Up+Down % Outlook Changes Asset Managers % % 2 4.1% % 1 FMI % 0 0.0% % % 0 Finance Companies % 5 9.6% 3 5.8% % 2 All FSC % % 7 5.8% % 3 14
15 Why Did We Redesign Our Ratings Criteria? Provide clear guidance on how various components of analysis are utilized to determine the ultimate rating outcome Offer greater transparency and insight into the ratings process We continue to use analytic judgment in the ratings process Facilitate better global consistency and comparability in determining ratings Continue to deliver ratings that are forward-looking and comparable across industry sectors and geography 15
16 Thank You Nik Khakee Criteria Officer Managing Director Ben Bubeck Analytic Manager Managing Director Daniel Koelsch Senior Director Asset Managers Sebnem Caglayan, Director NBFI Finance Companies Brendan Browne, Director Financial Market Infrastructure Companies Chuck Rauch, Managing Director Financial Services Finance Companies Igor Koyfman, Associate Director NBFI Securities Firms Robert Hoban, Director
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