Rebirth of the Spanish Empire

It is said that in the United States, a rating company called Moody's was established in 1902 specifically to rate railways. The United States already had an old rating company, Standard \u0026 Poor's, which was nearly fifty years old. The earliest rating company in Spain was the Atlantic Rating Company established in 1901 by former Prime Minister Palacides, which rated countries and companies around the Atlantic Ocean. Antonio established the Pan-European Ratings Company in 1906 after officially serving as prime minister for five years, specifically to provide Spanish companies and countries with advice on whether countries are suitable for investment and trustworthy within Europe.

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"Every country, every company, and every person has his or her credit limit, which more or less determines how much trust other companies and others have in him (it) in other countries he goes to, just like a person. A person who likes to tell lies and lies consistently is the same as when he gets along with others. When he speaks every word, people who are familiar with him will think twice before deciding whether to believe what he says is true or not. "

"The same is true for enterprises. If every enterprise has a lot of debts that need to be repaid, or a factory can produce a hundred cars a day according to the efficiency of other factories, but it has the same employees, the same equipment, and the same time. Only 60 cars were manufactured. This makes the company that placed the order rest assured that it can complete the tasks and orders given to it. There are uncertain factors in this, which brings customers doubts about this factory. If you feel distrust, you may place smaller orders if it is lighter, or you may place orders directly to other factories if you are serious. This is the relationship between trust. As for the trust between countries, it is better to understand. For example, now we and Portugal, we and the UK. Comparing the two, of course we and Portugal trust each other more. Therefore, we will be more friendly and happy when we are together."

"Then how to divide it specifically?"

"Of course it's by level," Alfonso explained carefully, looking at Patricia, who was wearing a long skirt and couldn't hide her huge belly.

"The classification of ratings is also very simple. You can use level 5, some can use level 9 or 10, and some can use level 4. Some use a, b, c, d, e or special grade, one, two, three , four levels, some use aaa,. But at the beginning I suggested that Antonio and Palacides both use nine levels, which will be more clearly recognized. After all, letters are perfect for us, and Arabic numerals The segmentation is even more powerful and makes it easier for people to understand.”

"But I still don't quite understand how to distinguish the nine levels here. What do you think they mean by specific ratings?"

He stood up and walked to her side, helping her sit on the soft cushion next to her. Her pregnancy, which was more than three months old, had already made Patricia's belly bulge even more. Whenever he saw her making some unusual moves, he would be very worried and rubbed her frown. At this moment, Elena's charm had long been thrown into the Pacific Ocean by him, and now he only had this in his eyes. His wife who is giving birth to life for him.

In order not to overwork her, he answered directly: "This is also easy to handle. For example, consider A as the highest level of existence. The more A's, of course, the better. So level AAA is the highest level. It represents repayment The debt capacity is extremely strong, it is basically not affected by the adverse economic environment, and the risk of default is extremely low." After seeing her relaxed brows, Alfonso continued:

“Grade aa refers to a person with a strong ability to repay debts, is not greatly affected by adverse economic environments, and has a very low risk of default; grade A refers to a person with strong ability to repay debts, is more susceptible to the impact of adverse economic environments, and has a low risk of default. The risk is lower.

Level bbb: The ability to repay debts is average, it is greatly affected by the adverse economic environment, and the risk of default is average; Level bb: The ability to repay debts is weak, it is greatly affected by the adverse economic environment, and there is a high risk of default; Level B: The ability to repay debts It relies heavily on a good economic environment and has a high risk of default. "….

"What about c?" Seeing that he had stopped and did not continue, she asked Alfonso.

Looking at her lovingly, Alfonso said: "Class C, which provides less protection during bankruptcy or reorganization, and basically cannot guarantee the repayment of debts. Class C, which cannot repay debts. The existence of these following levels is not a good investment object. .The levels starting from bb and down can be called junk level existence."

While Alfonso was answering Patricia's question, wasn't he also reminding himself?

Credit rating, also known as credit rating, is a social intermediary service that provides credit information to the society or provides decision-making reference for the unit itself. Originally produced in the United States in the early 20th century. In 1902, John Moody, founder of Moody's Corporation, began rating railroad bonds issued at the time. Later it was extended to various financial products and various evaluation objects. Since the objects and requirements of credit ratings are different, the content and methods of credit ratings are also quite different. They study the classification of credit in order to explore different credit rating standards and methods for different credit rating projects.

There are generally two types of ratings that Alfonso knows, which have narrow and broad definitions. Credit ratings in a narrow sense refer to an independent third-party credit rating intermediary agency's evaluation of a debtor's ability and willingness to repay debt principal and interest in full on time, and use simple rating symbols to indicate the severity of its default risk and loss. A broad credit rating is an overall evaluation of the rating object's ability and willingness to fulfill relevant contracts and economic commitments.

Regarding the concept of credit rating, there is no unified statement many years later, but the connotation is roughly the same. Amber China Chengxin Rating believes that it mainly includes three aspects:

First of all, the fundamental purpose of credit rating is to reveal the default risk of the rated object, rather than other types of investment risks, such as interest rate risk, inflation risk, reinvestment risk, foreign exchange risk, etc. Secondly, the evaluation target of credit rating is the ability and willingness of the economic entity to perform debts or other obligations as scheduled according to the contract, rather than the value or performance of the enterprise itself. Third, credit rating is an expert opinion expressed by an independent third party on the credit risk of various economic entities and financial instruments using its own technical advantages and professional experience. It cannot replace the capital market investors themselves in making investments. choose.

It should be noted that credit ratings are different from stock recommendations. The former is based on the debtor's default risk in the capital market, and evaluates whether the debtor can pay interest and principal in a timely manner, but does not comment on the stock price itself; the latter is based on earnings per share and price-to-earnings ratio, and often makes judgments on the direction of the stock price itself. . The former is for creditors and the latter is for share holders.

Credit rating is another brand-new rating system that emerged with the development of the new economy in later generations. Credibility is a combination of credit and reputation. Credit is the internal foundation and reputation is the external performance. If a subject has a good reputation in society, it generally must have good credit as a basis; on the contrary, if there is no good credit as a basis, it is generally impossible to have a good reputation; and even if it has good credit, But it may not have a good reputation. Therefore, credit rating is applicable to entities and the scope of evaluation generally exceeds credit rating entities. Although the evaluation methods and processes are similar, there is often more emphasis on the participation of multiple entities in the evaluation.

Especially since the beginning of the 21st century, Hong Kong's bu credit rating has been the most well-received in the field of credit rating. For general users, bu rating is a permanently free evaluation and query system. When people are ready to purchase a product or service, they can easily query the latest status of the product and service as a reference for people's decision-making. In addition to the difference between the evaluation content and credit rating, the most important feature of bu rating is: real-time dynamics. It is this real-time quantitative assessment method of credit that is similar to the pricing of financial products that makes the rating results have a certain forward-looking nature, or it has a market discovery function for credit and reputation. Therefore, bu ratings have a strong timely discovery function for institutions, their products and services, and even financial products. ….

bu credit rating is the abbreviation of "bu credit rating certification system". As an independent, open and impartial third-party professional assessment and certification agency, bu certification agency was founded by bestunions, a Hong Kong non-profit organization.

The reputation of a certification body is the recognized credit and reputation gained by all its actions or characteristics. As an international credit assessment and certification system, bu credit rating aims to promote the sustainable development of mankind and focuses on improving the utility of human society. It comprehensively, objectively and dynamically evaluates the current status and development prospects of the subject being evaluated.

There is no fee for bu certification application. The certification process is professional, rigorous and standardized, and the certification results are open, fair and impartial.

This is of course a good institution, and it is also a public rating institution that the public likes. However, after all, its kind still occupies a minority in the world.

The birth of credit rating companies is based on interests. They also have to pay wages and invite experts, because they are also private companies, so don't think that they will express their views and opinions as unselfishly as Bao Qingtian. This is the essence of private enterprises aiming to make profits, and it is also the foundation of the founding system of capitalist countries. At present, the only rating company established in the United States is Moody's, and it is only a mere Moody's. It is still a small company struggling for survival. There is no trace of other companies such as Standard \u0026 Poor's and Fitch Ratings. Because Standard \u0026 Poor's was established in 1941, although it did the same thing before him, it was still not very professional. Fitch International has been in the rating business for 13 years, and it was not until 1924 that the company was officially established. Many people will ask, what are they used for?

Yeah, what's the use? Here is the simplest metaphor.

There is a large company that is facing a shortage of funds. They need financing, but they cannot directly find people to finance, so they need to face the public, and this faces ratings from rating agencies. Of course, you don't have to let the rating agency rate you, but if you do that, others will be reluctant to give you funds if they don't know your business accounts clearly. As for the idea, if you get a good rating from a rating agency, you will receive an enthusiastic response in terms of bank loans or social financing.

This is a normal operation procedure, but there are also hostile operations. For example, when it comes to the interests of those rating companies, their interests are paramount. In later generations, Ireland during the European debt crisis was short on its national debt because the rating agencies continued to expose negative events, so that others did not dare to buy it. In the end, a country directly failed to pay off its foreign debt and went bankrupt. The result of national bankruptcy It means selling state-owned assets such as land and resources in the end to repay it.

This is superficial. In fact, many people are suspecting that these three companies are actually the golden fingers of the United States and the United States extending to the world's financial world. Wherever they point, even stones can turn into gold. On the contrary, if they are willing, then gold It can also cover you with a thick layer of dust to prevent people from finding and discarding it. This is how Americans manage the world and is one of the important tools for the United States to maintain its hegemony. Alfonso had to admit with emotion that the Americans were really awesome. Therefore, he took advantage of the fact that Americans have not noticed the availability of this aspect, and first established Spain's world influence in rating agencies. By then, even if the United States wants to suppress it, it will be too late, and in turn, by It will be their turn to suppress the United States.

(This is my opinion. If everyone agrees with this slightly ignorant view, please continue to vote enthusiastically. This book is now severely suppressed by Tang Xiong in the 11th ranking of the most popular historical military novels. Everyone , can you please stand up?)

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