Читать книгу The Sterling Bonds and Fixed Income Handbook - Mark Glowrey - Страница 36

The cost of obtaining a credit rating is not insubstantial, particularly for one-off, smaller or infrequent borrowers. Frequent borrowers will generally negotiate a package deal whilst large borrowers will find a rating cost effective on a per-unit basis. Of course, a good rating will drive down the cost of borrowing but the cost/benefit ratio may not be effective for some borrowers. The borrower may also have to devote a significant amount of management time to the ratings process.

The rating agencies are somewhat close-lipped about the cost of providing their testimonial. Moody’s documents state that the issuer has agreed,

“to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000.”

Market sources tell me that a typical cost for a UK corporate would be in the region of EUR20,000, for rating. There would also be a running charge for ongoing usage which might be EUR50,000 pa. This fee could rise considerably for more complex organisations such as banks or financial service players.

Credit research is also conducted by broking houses and investment banks, as well as some good independent analysts. However, it is worth bearing in mind that price action in the markets will typically lead any change in the credit rating.