The Evolving Role of Credit Ratings in India
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- Horatio Bond
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1 The Evolving Role of Credit Ratings in India CFO Series th February,2011 D.R. Dogra Managing Director & CEO CARE Ratings
2 Concept of Credit Rating A credit rating is an opinion on relative degree of risk associated with timely payment of interest and principal The analysis is based on a thorough analysis of past trends and future prospects Final ratings are expressed in Code letters A low rating implies high risk of default Rating agencies play a critical role in assessing the credit worthiness of an individual, corporation or country Credit quality is a dynamic concept and not a one time evaluation It is reviewed at regular intervals till the entire amount of loan is redeemed
3 Need for Credit Rating Agencies Bridge information asymmetry between investors and issuers Helps to maintain investors confidence Enhances the ability of the borrower/issuer to access the money and capital markets for tapping larger volumes of resources from a wider range of investing public Helps develop financial markets Assists in maintaining greater transparency
4 Role of Credit Rating Agencies Facilitate investment decisions through credit ratings based on Superior and low cost Information Increases investor confidence and guide them Trade off between risk and return Healthy discipline imposed on corporate borrowers Encourages financial discipline Benefits the industry as a whole Firms can access markets at low cost Helps to allocate capital efficiency across sectors
5 Benefits of Credit Rating Agencies Investor Perspective Safeguards their interest Monitors the performance of the company Provides signals to the investors Channelizes savings into the capital market Issuer Perspective Access to investors Helps establish credibility among investors. Provides early warning signals to the company
6 Benefits of Credit Rating Agencies (contd..) Banks Banks to save on capital if loans are rated Based on Basel II norms Incentive to have portfolio rated Regulator Bank regulator can use these ratings for assessing capital requirements of system Capital market regulator can use them for regulatory purposes
7 Products offered: Evolution from debt to. Debt Others Sub-sovereign Equity: Equi Grading/IPO Debt: Shortterm/Long term Corporate Governance Securitization Mutual funds/ Insurance etc.
8 Debt Issues over the years Year CP CD The market for Commercial paper (CP) and Certificate of Deposit (CD) has been growing rapidly The table on the right gives the outstanding amount for both the instruments (Rs. crore) ,767 43, ,688 93, , , , , ,542 3,61,408..Non-government debt has increased from Rs 35,167 cr in 2001 to Rs 194,911 cr in 2010
9 CRAs and financial crisis During this period global credit rating agencies came under microscope Were unable to predict the crisis Generally believed that they were liberal with ratings in return for high fees Did not sufficiently understand the products they were ratings such as CDOs and CDS Were also late in reacting to the Greece crisis
10 Concern 1: Business model Based on issuer pays rule Alternative models such as investor pays or government or exchange pays not feasible In this model the rating agency is receiving fees form the issuer they rate Entity issuing the debt instrument pays for the rating The only check is reputation This rating model adopted by most rating agencies in various countries An External Rating Committee is the solution here A committee that comprises members Experts in the field Have no relation with the company being rated
11 Concern 2: Conflict of interest Several rating agencies have mixed ratings with consultancy business Giving rise to conflict of interest The two businesses need to be separated Even when separated such a disclosure is mandatory in the interest of corporate governance So-called Chinese walls may not really exist Models need to be transparent Disclosures need to be made on methodology and approach to ratings No exaggerated statements to be made
12 Need to strengthen the System Making the rating process more robust Need to have External Rating Committee Separation of analyst compensation and revenue from issuer Analysts not allowed to trade in shares of rated entities Separation of analytical and business development teams Transparency Default studies to be published Movements in ratings to be disclosed
13 Need to strengthen the System (contd..) Integrity of Ratings Accounting practices viewed more closely Due Diligence by agency and regulator Overall process Timely and rigorous surveillance Increasing in-house research capabilities Stress testing
14 Regulatory changes Rating structures and procedures to be strengthened SEBI has prescribed certain guidelines Attempts to address issue of multiple regulators involved Internal code of conduct More discussions Internal assessment needs to be more rigorous Stability of ratings to be ensured
15 Thank You
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