19 13, Fitch International was founded by John Fitch.
Standard & Poor's credit rating program Credit rating is a very serious work, and the evaluation results will determine the financing life of enterprises, which is an appraisal of the credit status of enterprises or securities. Therefore, strict evaluation procedures are needed to ensure it. The evaluation result is closely related to the evaluation procedure, which embodies the whole process of evaluation. Without strict evaluation procedures, there can be no objective and fair evaluation results. The evaluation process can usually be divided into the following seven stages. Now explain it separately: 1. Preparatory class (about one week) 1. The appraisal client applies for a credit rating from the appraisal company, and both parties sign a credit rating agreement. The contents of the agreement mainly include the names of both parties, the object of evaluation, the purpose of evaluation, the rights and obligations of both parties, etc. Time for issuing the appraisal report, appraisal fee, signing time, etc. 2. The evaluation company assigns a project evaluation team and makes a project evaluation plan. The evaluation team is generally composed of 3-6 people, and the members should be experts who are familiar with the customer's industry and the business of the evaluated object. The team leader is a senior employee with the title of project manager or above. The project evaluation plan shall stipulate the evaluation work content, work schedule and division of labor of the evaluation personnel. 3. The evaluation team issues a list of evaluation and investigation data to the evaluation customers, requiring them to prepare all the information needed for the evaluation and investigation in a short time. The evaluation and investigation materials mainly include the articles of association, agreement, business license, financial statements and audit reports of the last three years, work summary of the last three years, long-term planning, statistical statements of the last three years, records of the board of directors and other relevant evaluation materials. At the same time, the evaluation team should do a good job in the preliminary investigation of the customer situation. Second, the information collection stage (about one week) 1. When the evaluation team goes to the site for investigation and study, they should first read, analyze and evaluate the information provided by customers, and focus on the requirements of the credit rating index system, which information and conditions are available and which information is still missing, which needs further investigation and understanding. 2. Talk with the leaders of relevant functional departments of customer evaluation on major issues, or hold a forum to listen to your opinions, and be sure to clarify the evaluation content. 3, according to the need, the evaluation team will also to the competent department, the administrative department for Industry and commerce, banks, tax departments and relevant units to investigate and verify. Three. Information processing stage (about three days) 1. Classify and number the collected data according to confidential and non-confidential information. Confidential information shall be managed by special personnel and shall not be circulated at will. 2, according to the credit rating standards, analyze, summarize and sort out the evaluation data, and fill in the credit rating working papers according to the prescribed format. 3. Pay attention to whether the quantitative analysis data has been audited by certified public accountants, and then process the data on the computer. Four. Initial evaluation stage (about four days) 1. According to the requirements of credit rating standards, the evaluation team combines qualitative analysis data with quantitative analysis data to conduct comprehensive evaluation and judgment, form a unified opinion of the team, and put forward preliminary rating results. 2. The team writes the Credit Rating Analysis Report and consults relevant experts. V. Determine the rating stage (about ten days) 1. The evaluation team will submit the credit rating analysis report to the company rating Committee, which will meet for approval. 2. In the evaluation process, the rating committee shall listen to the detailed report of the evaluation team and review the evaluation and analysis basis, and finally determine the credit rating by voting and form a credit rating report. 3. The Company will send the credit rating report and the credit rating analysis report to the evaluation customers for comments, and the evaluation customers shall put forward their opinions within 5 days after receiving the reports. If there are no comments, the evaluation results will be subject to this. 4. If the evaluation customers have any comments, put forward a re-evaluation request, provide the reasons for re-evaluation and attach the necessary information. The company rating committee will give a re-evaluation after the review, and the re-evaluation is limited to one time, and the re-evaluation result is final. The intransitive verb announces the achievement stage 1. If the appraisal client requests to publish the credit rating in newspapers and periodicals, he may sign an entrustment agreement with the appraisal company, which will publish it in newspapers and periodicals in the form of credit rating announcement. 2. If the appraisal client does not require to publish the credit rating in newspapers and periodicals, the appraisal company will not publish it. However, if the appraisal company has its own credit rating newspaper, it shall truthfully report whether the appraisal customer agrees. Seven. Track rating stage 1. During the credit rating period (the enterprise rating is generally 2 years, and the bond rating is subject to the bond term), the evaluation company is responsible for tracking and monitoring its credit status, and the evaluation customer should provide relevant information as required. 2. If the credit status of the assessed customer exceeds a certain range (credit rating increases or decreases), the assessment company will change the credit rating of the assessed customer according to the tracking rating procedure and disclose it in relevant newspapers and periodicals, and the original credit rating will automatically become invalid.
The other two can refer to S&P.