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1、9MezzanineProductsandtheWorldoftheRatingAgenciesandAccountancyBoards9.1RATINGAGENCIESANDTHEDEBT–EQUITYCONTINUUMTheworldoftheratingagenciesandtheiroutputhasundeniablybeensubjecttomuchscru-tinyaroundtheglobeeversincethestartofthefinancialcrisisin2008.F
2、romthelooksofit,everythinghasbeensaidaboutthegood,thebadandtheuglyinthiscontext,andthatisagoodthingbecauseitmeansIcanskipthatpartandfocusontheparticularitiesoftheratingagen-cies’approachandmethodologiestowardsmezzanineproductsandhybridcapitalingenera
3、l.Acreditratingevaluatesthecreditworthinessofanissuerofspecifictypesofdebt,specifi-callydebtissuedbyabusinessenterprisesuchasacorporationoragovernment.Itisanevalu-ationofthedebtissuer’slikelihoodofdefault1madebyacreditratingagency.Ittookawhileforthec
4、reditagenciestocomeuptospeedonhybridcapital,astheirinitialmethodologieswerenotnaturallytunedintothisphenomenon.Otherfactorswhichhavecontributedtotheriseofhybridcapitalandtheneedforratingagenciestocomeupwithsomesortofcomprehensivemodeltoevaluatethesep
5、roductswere:•Improvedstructuringandratingcriteriaclarification.•Liquidmarketandlowinterestrates–‘yieldhungryinvestors’.•EquityaccountingtreatmentpossibleunderIFRS.•Increasinglysupportivelegalandtaxsystems.•Multipleissuerobjectives.Also,thedriverswhic
6、hwerealreadyknownfromanissuerpointofviewcontributedtotheriseofmezzanineproducts.Amongsttheargumentsare:•Reduceaveragecostofcapital.•Couponpaymentstaxdeductible(incontrasttodividends).•Diversifyfunding.•Non-dilutiveequitysubstitute(attractiveforgovern
7、ment-ownedandfamily-ownedcompanies).•Fundingofacquisitions,pensions,sharerepurchases,refinancingofdebt.•Bolstercreditratingsandenhancefinancialflexibility.1ChristianKronwald,CreditRatingandtheImpactonCapitalStructure,Norderstedt,Germany:DruckundBindu
8、ng,2009,p.3.262MezzanineFinancingSinceratingagenciesareconcernedwiththecreditworthinessofthefirm,anditsrelation-shipwithitsdebtandequityholders,thetwodominantquestionswithrespecttohybridcapitalforanyratingagencyare:1.Howistherelationshipbetweenmezzan
