DZ Bank is planning to make Scope’s ratings available to the entire DZ BANK Group which includes among others one of Germany’s largest asset managers Union Investment, insurance group R+V Versicherung and approximately 700 Volksbanken Raiffeisenbanken.
"Ratings derive their value and relevance from their recognition and use by investors. It is therefore excellent news for us as the leading European rating agency that DZ BANK, one of Europe's largest banking and financial groups, has joined the growing list of leading European financial institutions that are using our ratings”, said Marc Lefèvre, Head of Investor Outreach at Scope Group.
“We provide an independent and alternative rating voice for investors seeking to diversify their use of ratings. DZ BANK’s decision to integrate and use Scope’s ratings marks another significant step toward fostering greater competition in the ratings market and strengthening Europe’s financial independence and sovereignty”, said Vincent Georgel-O’Reilly, Chief Market Officer Credit Rating at Scope Group.
About DZ BANK Group: DZ BANK AG is the central institution of the cooperative financial network in Germany and serves as a commercial bank and holding company for the DZ BANK Group. Headquartered in Frankfurt am Main, DZ BANK supports around 700 cooperative banks and their 8,000 branch offices, making it one of the largest private-sector financial services providers in Germany. The DZ BANK Group includes entities such as Bausparkasse Schwäbisch Hall, Union Investment, R+V Versicherung, TeamBank, VR Smart Finanz, and DZ PRIVATBANK. Together, they offer a comprehensive range of financial services, from banking and insurance to asset management and real estate finance.
On Scope’s rating approach: Scope is the leading European credit rating agency (CRA) and the only European credit assessment institution accepted by the ECB in its credit-assessment framework. Scope’s distinctive approach provides opinion-driven and forward-looking credit analysis with a European perspective that recognises the local conditions – financial, political, regulatory, judicial and cultural – in which issuers operate.
On Scope’s rating coverage: As a full-service, multi-sector CRA, Scope rates more than 13,500 bonds from over 750 issuers. The amount of rated debt is worth more than EUR 43trn In Europe, Scope has the second largest rating coverage of public-sector issuers and the third largest for non-financial corporates.
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