Rapid Ratings, the alternative ratings, research and analytics firm, has announced that it has won the Innovation of the Year Award by Energy Risk magazine. This award recognizes Rapid Ratings’ achievements with corporate energy clients as well as its accurate assessment of brokerage firm MF Global in the wake of MF Global’s 2011 collapse; Rapid Ratings considered it a High Risk company over two years before other rating firms.
Energy companies make up an important segment of Rapid Ratings’ corporate client base. Its energy clients have users across Asia, Europe and North America. As deteriorating global economic conditions and market volatility continue to make understanding financial health more important than ever, the energy industry has turned increasingly to Rapid Ratings to help manage its corporate counterparty risk exposure cohesively across all geographies.
“We have worked with Rapid Ratings for a number of years for in-depth, independent ratings & analysis on hundreds of our public and private counterparties globally,” said Greg Cortez, Rapid Ratings client and Director of Credit at Hess Corporation. “Their reports, and the early warning they provide as to the true financial health of a business, represent a key pillar of our risk management process.”
Rapid Ratings’ quantitative and proprietary methodology employs company financials to produce objective analytics on a 0-100 point Financial Health Rating (FHR™) scale, distinguishing them from the competition. Rapid Ratings’ accurate High Risk ratings on companies who faced high-profile bankruptcies, such as MF Global, Petroplus and Enron, have solidified its reputation as a power player in the industry. The firm’s CEO, James Gellert, has testified four times before US Senate and House committees, most recently on February 2 to discuss the collapse of MF Global.
“We are honored to receive this recognition from Energy Risk,” said James Gellert, CEO. “Innovation is an important pillar on which our company was founded. Our goal is to help our clients most effectively manage their risk by making financial health assessment achievable, repeatable and dependable. The energy industry is and will continue to be important to us, and we look forward to continued work with clients in this sector.”