Seeing that S&P actually moved out Tang Bao's nationality to talk about it, Tang Bao couldn't help frowning.

In this era, China was poor and backward in the eyes of foreigners. However, this is all secondary, the key is ideology, don't look at China and the United States in the honeymoon period, but the vigilance against China has never been relaxed. Investors in the United States will not trust a Chinese either!

……

Then.

Horst had arrived alone at Moody's headquarters.

"Hello, I'm Horst from Phoenix Investment Group, and I've made an appointment with your President Higgins." Horst walked up to the front desk and smiled.

The front desk lady got up and smiled slightly, "Please come with me." ”

Horst was led to Higgins' office.

Seeing Horst arrive, Higgins quickly got up, shook hands with him, and signaled his secretary to make two cups of coffee.

"President Higgins, I think you should know what I'm here for." After Horst sat down, he got straight to the point.

Higgins smiled and nodded.

He doesn't know why S&P would make a move on Phoenix and might give it a junk credit rating, which he doesn't understand.

"What is your opinion of Phoenix Investment Group?" Horst asked.

This......

Higgins hesitated for a moment, then pondered the words. This is not a simple question, but his answer is to some extent representative of Moody's company's view of Phoenix Investment Group's rating, and a slight careless answer may cause unnecessary trouble.

"Horst, your question is a bit difficult for me, Moody's has indeed followed the investment actions of Phoenix Investment Group, but it is far from knowing about your company, let alone evaluating it. Moody's is a professional and rigorous rating company, and I don't make vague judgments about companies I don't know. Even if it's just a simple comment in private...... Higgins said.

Forehead.

Horst was slightly stunned, he didn't expect Higgins to not make an evaluation, and the reason was very sufficient, lack of data, and he hadn't analyzed it.

He had wanted to find out Higgins' attitude, but Horst saw Higgins too simply.

"Yes, as a professional rating agency, it is obviously too unprofessional to rashly conduct a rating without sufficient data support."

Higgins smiled and didn't speak, knowing that Horst was referring to S&P.

"President Higgins, during this visit, I would like to invite Moody's to talk about a rigorous rating of Phoenix Investment Group." Horst bites the word 'rigorous' very hard.

But.

Without a clear understanding of Moody's attitude, Horst did not dare to make a formal invitation, and he had to make sure that Moody's was not hostile to Phoenix Investment Group and could be truly fair.

Call.

Hear Horst's words.

Higgins couldn't continue to play Tai Chi vaguely, otherwise this business would be yellow, and he muttered: "Moody's professionalism and fairness and justice, please rest assured." If it is formally commissioned by Phoenix Investment Group, it will definitely give a reasonable credit rating. ”

Fair and just?

Shit.

If you want to be fair and just, it is better to say that you have met God in a real way.

Horst has been on Wall Street for nearly 20 years, and he naturally knows what the three major rating agencies are, and Higgins's words are not credible at all, not to mention that the other party has not given a relatively clear answer until now, and has not even revealed any information.

"President Higgins, you should understand that I don't mean to hear these generalities."

Higgins shrugged, secretly sighed that Horst was really difficult, and said helplessly: "Okay, then I'll talk about my opinion on Phoenix Investment Group." Its profitability is said to be very impressive, but one thing is very bad, its financial situation is very mysterious, and there is too little information public. Truth be told, it's hard for Phoenix Investment Group to get the credit rating you want! ”

Hear the words.

Horst couldn't help but be shocked. But he said quietly: "Oh? What credit rating does President Higgins think Phoenix expects from Invest Group, and why can't it? ”

"I understand that the impressive performance of Phoenix Investment Group may give you the illusion that it has a credit rating of at least Aa. This sentiment is understandable, after all, it is the result of your work. However, I have to regret to tell you that it may not reach this credit rating, and it may not even be able to ...... A."

"I don't know what the contradictions between S&P and your company are, but most of the reasons given by S&P analysts are objective, and Phoenix Investment Group has not been established for a long time, and its growth broke out from the stock market crash in October this year, with too much accidental nature." Higgins gushed.

Horst listened upset.

He didn't come to Moody's to listen to Higgins defend S&P. "However, S&P's credit rating is extremely inconsistent with the financial situation of Phoenix Investment Group."

"Yes, it's not surprising that this happens from time to time in the rating process."

“……”

Horst was speechless, and as Higgins said, Phoenix Investment Group was not alone in the extreme mismatch for its credit rating.

"There is another factor that is very important and is why Moody's cannot give Phoenix Investment Group a very high credit rating. That is Tang Bao, the owner of Phoenix Investment Group, who is a Chinese, then this company is also a Chinese-funded enterprise, and its credit rating is generally not higher than China's sovereign debt rating. In other words, if Phoenix Investment Group is a European and American company, even if it is a Japanese and Korean company, the situation will be much better. Higgins finally pointed out the problem of Tang Bao's identity.

Moment.

Horst was silent.

He admitted that Tang Bao's identity was a very big problem, and he also suggested that the other party change his nationality, but Tang Bao never responded.

A company's credit rating is generally not higher than the country's sovereign debt rating, which is the rule.

"But Phoenix Investment Group is registered in the United States, and logically speaking, it is an American company." Horst argued.

"It's a Chinese-funded enterprise!" Higgins insisted. "Tang, his identity is not simply an ordinary Chinese, he has a very close relationship with the Chinese government. Moody's cannot afford to take risks, or our credit rating report could ruin Moody's if it misleads investors. ”

Therefore.

For the Chinese-backed Phoenix Investment Group, Moody's will be very cautious in its credit rating.

Of course.

Another point Higgins did not say is that although there is a strong competitive relationship between the three major rating agencies of Moody's, Fitch and Standard & Poor's, they also support each other and will never be demolished, otherwise the credit ratings of the three rating agencies are very different, making it impossible for investors to distinguish the authenticity, and the final outcome is that the three institutions will lose the trust of investors at the same time.

Therefore, even if there are differences between the three rating agencies in some rating work, they are only micro and the general direction is the same.

The credit ratings of S&P, Fitch and Moody's are very linked.

Therefore, after S&P said that it would give Phoenix Investment Group a CCC rating, even if Moody's had no intention of falling into the ground, it could not blatantly dismantle S&P's platform, and it was absolutely impossible to give Phoenix Investment Group a credit rating of A or above, even if it was a Bbb rating.

"Horst, Phoenix Investment Group can only be rated according to the credit rating of one Chinese company. Its credit rating is probably between Bbb and Bb. Specifically, it is necessary to analyze the entire financial data of Phoenix Investment Group in order to give a clear conclusion. Higgins said.

In fact.

Higgins also wants to comfort Horst when he says this, S&P gives a CCC rating, and Moody's gives a Bbb rating, which is basically impossible.

"I'll think about it."

When Horst heard Higgins's words, he didn't rush to give an answer, or that he couldn't make the decision on this matter, and he had to go back and listen to Tang Bao's opinion.

Now.

His heart suddenly became a little heavy.

Horst had thought that Moody's, which competed with Standard & Poor's, would be happy to see that S&P would not step down, so he would give Phoenix Investment Group a good credit rating when it came to credit ratings. But the truth is completely different from what he expected, and Moody's also said that Phoenix Investment Group is not so good.

Leave Moody's Corporation.

Horst rushed to Fitch again.

Pity......

Fitch seemed to have consulted with Moody's, and the answer was surprisingly consistent, not even the same.

This annoyed Horst, but he had nowhere to vent.

If you fight with Standard & Poor's, if you annoy Moody's and Fitch Ratings again, then Phoenix Investment Group will suffer.

……

Within the Phoenix Investment Group.

"Boss, I negotiated with the heads of Moody's and Fitch, but the ratings given to Phoenix Investment Group were not as perfect as I expected. The ratings from the two rating agencies are only about one or two notches higher than those of the S&P. Horst reported.

"Oh?"

"Both rating agencies rate Phoenix Investment Group as a Chinese company, so its highest rating is generally not higher than China's sovereign debt rating," Horst explained. And China's sovereign debt rating does not seem to be very high internationally......"

And Moody's Higgins president has reminded that the identity of the boss is also one of the main factors affecting the rating. They are concerned that Phoenix Investment Group is a ...... of the Chinese government"

Alas.

I can't hide if I want to.

Standard & Poor's shook out Tang Bao's identity again, even Moody's never ignored this, Tang Bao has been deliberately low-key, but at a critical moment, some people still want to make a fuss about his identity.

"Boss, do you think you want to continue with the matter of inviting Fitch and Moody's to give our company a credit rating?" Horst asked.

"Go on."

Tang Bao said soranly. Although the ratings of Moody's and Fitch are not satisfactory, he cannot let the S&P family wantonly slander Phoenix Investment Group, and the relatively good ratings of Moody's and Fitch can well offset the adverse impact of the S&P rating incident.