Corporates fear S&P rating changes penalise cash

Companies across Europe have expressed concern about a major overhaul of Standard & Poor’s rating criteria, which could introduce a harsher treatment for cash they hold on balance sheet, writes Jon Hay.

  • By Jon Hay
  • 18 Oct 2013

Dozens of corporate ratings may change, in most cases only by one notch, as a result of this and other methodology changes.

European companies have been running high cash balances since the financial crisis, and have always enjoyed favourable treatment for this from the rating agencies, which — ...

Please take a trial or subscribe to access this content.

Contact Mark Goodes to discuss your access:

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Jan 2017
1 CITIC Securities 1,560.67 2 10.70%
2 SG Corporate & Investment Banking 1,445.74 4 9.92%
3 Wells Fargo Securities 1,187.61 3 8.15%
4 Rabobank 1,081.86 1 7.42%
5 Bank of America Merrill Lynch 831.08 4 5.70%