Rating Basel 2
The Accord on Banks Capital, known as Basel 2, foresees that banks are required to assign a rating to anyone who intends to apply for financing. On the basis of the new measures, financial intermediaries are required to verify the operational, qualitative, organisational, regulatory, authorising, as well as economic and financial aspects of subjects who apply for financing. A company`s financial communication will therefore have to adapt to the new rules of the game.
RINA, originally established as a ship classification society, has diversified its activities by entering the ISO certification world. Today, just as RINA certifies ship safety, it is also able to assess a company from the point of view of organisation, efficiency, capability and profitability.
The present competitive context requires banks and enterprises to adopt innovative instruments to assess and manage credit risk, which becomes an element for companies to find financial resources on the market. Recently, banks have concentrated a lot of their investments in the Rating System, considered by the Bank of Italy as the focal point of the new credit policies.
In the Basel 2 Accord, the rating system becomes the fundamental instrument to measure and manage credit risk and extensive use is expected to be made in connection with the process of granting and reviewing credit allocation. This involves a radical change in the logic of enterprise financing which will have to be aligned with the new rules.
RINA intends to qualify as ECAI (External Credit Assessment Institution) with the Bank of Italy so as to be able to issue ratings, which can be used by both enterprises and banks to affirm financial solvency according to Basel 2.
Rating for small/medium enterprises
To offer a new service, RINA has developed a rating instrument based on assessment of the following elements:
qualitative risk which the enterprise may be subject to, making use of consolidated audit methods;
quantitative aspects associated with the enterprise`s economic-financial trend.
As regards the quantitative analysis of the data in the financial statements, RINA has decided to integrate its competencies by underwriting an agreement with Unioncamere (the Italian Union of the Chambers of Commerce) for the economic and financial analysis, applying a model prepared by R&S (Research and study company owned by Mediobanca) and Unioncamere.