Financial Times: UK Bailout: Paper Vapours

Take-up of the UK’s emergency commercial paper scheme aimed at big businesses is accelerating, as reported in The Financial Times’ Lex column, highlighting Credit Benchmark’s role in providing aggregated credit assessment data to the Bank of England.

The article notes that only one-third of the FTSE350 have a public credit rating, but that companies may apply for the Covid Corporate Financing Facility (CCFF) utilizing Credit Benchmark data:

Another route into the scheme is via data analytics firm Credit Benchmark, which collects UK banks’ assessments of corporate creditworthiness and provides the BoE with an aggregate figure.”

The Financial Times, April 23, 2020.

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Credit Benchmark brings together internal credit risk views from over 40 leading global financial institutions. The contributions are anonymized, aggregated, and published in the form of consensus ratings and aggregate analytics to provide an independent, real-world perspective of credit risk. Risk and investment professionals at banks, insurance companies, asset managers and other financial firms use the data for insights into the unrated, monitoring and alerting within their portfolios, benchmarking, assessing and analyzing trends, and fulfilling regulatory requirements and capital.