What we do | Scope Group

Credit Analysis

Scope Ratings, the leading European credit rating agency, is registered in accordance with the EU rating regulation and operating in the European Union with ECAI status. Scope Ratings is the only European rating agency accepted by the ECB for the Eurosystem Credit Assessment Framework (ECAF). More on: www.scoperatings.com

Guillaume Jolivet
Head of Credit Analysis (Scope Ratings)

Giacomo Barisone
Head of Fundamental Credit Ratings & Research

David Bergman
Head of Transactional Credit and Quant. Analysis

Matthias Böhm
Managing Director Scope Ratings, COO Scope Group

Vincent Wald
Head of Credit Rating Operations

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Corporates

Sebastian Zank
Head of Corporates Credit Production

Scope’s Corporate Methodology relies on a fundamental, forward-looking and bottom-up approach with three key rating sections: business risk, financial risk and supplementary key rating drivers. We strive for maximum transparency without being mechanistic. Central to our corporate ratings approach is a thorough understanding a company’s underlying drivers – for both business and financial risk – while leaving enough room for analytical opinions, regional context and common sense.

Sovereign and Public Sector

Alvise Lennkh-Yunus
Head of Sovereign and Public Sector

Scope’s Public Finance team provides investors with sovereign, sub-sovereign, government-related entities (GREs) and supranational credit ratings. These ratings are a forward-looking assessment of an issuer’s ability and willingness to honour its debt obligations to private-sector creditors in full and on time.

Financial Institutions

Marco Troiano
Head of Financial Institutions

The financial institutions team offers investors, issuers and other market participants comprehensive and forward-looking analysis and ratings on banks and other financial institutions in Europe and beyond. The team is made up of experienced professionals with a solid background in fundamental and market-related analysis on banks and regulatory developments.

Covered Bonds

Karlo Fuchs
Head of Covered Bonds

Scope’s covered bond ratings, anchored to bank ratings, reflect the resilience of covered bonds as funding instruments at times of stress. Strong regulatory frameworks and systemic support ensure their viability even in bank resolution. Expected loss-based cover pool and cash flow analyses, incorporating country and issuer-specific factors, further enhance ratings by assessing repayment strength in a gone-concern scenario.

Structured Finance

Benoit Vasseur
Head of Structured Finance Primary Ratings

Scope’s primary ratings team is responsible for rating new securitisations and structured credit instruments, and writing reports that highlight rating drivers and underlying assumptions. We apply deep knowledge of local markets to conduct in-depth assessments of collateral, counterparty and structural risks as well as qualitative factors. We cover the full spectrum of asset classes including Auto, Consumer and SME ABS; RMBS; CMBS; Corporate and Project Finance CLOs; and esoteric collateral.

Structured Finance

Antonio Casado
Head of Structured Finance Monitoring

Scope’s structured finance monitoring team tracks and monitors the full universe of rated transactions through their lifecycles, based on latest reporting and portfolio information and taking into account a range of factors: macro, jurisdiction, market, structural and factors relevant to securitised asset pools. The team is also responsible for updating structured finance methodologies on an annual basis. Monitoring activities are based on Scope’s general and asset-class-specific methodologies.

Infrastructure and Project Finance

Torsten Schellscheidt
Head of Infrastructure and Project Finance

Scope’s infrastructure and project finance ratings focus on the expected loss for an investor on a debt instrument issued in a project finance transaction. This is an innovative credit risk approach, which gives a valuable alternative to existing credit opinions in infrastructure and project finance.

Risk Solutions

Kai Gerdes
Head of Risk Solutions

Scope Risk Solutions (SRS) gives clients the tools they need to produce credit assessments in an efficient and scalable manner, leveraging the methodologies and solutions available within the wider Scope Group as well as the team’s extensive credit expertise. Tools include Scope Credit Models for most asset classes, out-sourced credit assessments such as Assessments of Credit Risk, and ScopeOne Risk Solutions, the sophisticated credit risk assessment workflow platform.

ESG Analysis

Tetiana Markiv
ESG Analysis

Wendy Fernandez
Business Development ESG

Scope offers ESG impact analysis, based on a macroeconomic quantitative model that captures a company’s entire supply chain. Scope applies a modular approach with each stage building on the previous one to build a framework with increasing levels of precision. Scope’s ESG solutions serve the needs of investors and issuers alike.

Following the same macroeconomic approach, Scope analyses the carbon footprint of individual companies or portfolios of companies. The Scope ESG approach also addresses the new standards defined by the EU’s Technical Expert Group on Sustainable Finance in using a sector-based framework that assesses the sustainability of economic activities to identify companies’ environmental impact.

In addition, Scope provides Second Party Opinions on an issuer’s capability and capacity to meet market standards on Green Bonds, Social Bonds and Sustainability Bonds.

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External review of green, social and sustainability bonds

Certifications provide transparency about an issuer’s capability and capacity to fulfil market standards with regards to the use of proceeds, the processes and the intended impact. Certification is based on the Scope ESG Impact Assessment and the Sustainability Bond Principles.

ESG portfolio analysis

Based on the Scope ESG Impact Review, we evaluate companies, irrespective of size and industry, within an investment portfolio. Portfolio analysis provides subscores for E, S and G in addition to the complete portfolio.

ESG fund and management rating

The fund and management rating offers a uniform and comparable assessment of asset-management companies with regard to their sustainability expertise.

ESG impact indices

In cooperation with stock exchanges and index fund providers, Scope offers equity and bond indices based on Scope ESG Impact Analysis.

Fund Analysis

Lars Edler
Managing Director

Sonja Knorr
Head of Alternative Investments

Florian Koch
Head of Mutual Funds

With more than 20 years of experience, Scope Fund Analysis is the leading European provider of research and ratings on investment funds and asset managers. The team of experienced analysts provide more than 10,000 investment ratings across all major asset classes.

In addition to ratings and research, the analysts work closely with fund buyers, fund selectors and other institutional investors to support their investment decision-making. Our ratings and research are available on ScopeExplorer and are distributed to more than 12,000 subscribers.

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Mutual Funds

Scope offers comprehensive analysis of investment funds through a range of carefully selected qualitative and quantitative indicators. Our analysts focus on the relative performance, long-term earnings power and stability of the investment strategy underlying the funds.

Alternative Investments Funds

Scope analysts have evaluated more than 2,500 closed-end funds across all asset classes, the primary analytical focus on real estate, renewable energies, aircraft, ships and infrastructure. In the area of open-ended real estate funds, Scope is the leading rating agency with an analysed volume of more than EUR 100 bn.

Certificates

In addition to investment funds, Scope evaluates certificates and their issuers. The outstanding volume of certificates issued in Germany is more than EUR 60 bn.