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The U.S. is not currently experiencing stagflation, and it’s not going to over the next couple of years. The debate about stagflation is going to intensify over the next few months as growth in consumer prices continues to accelerate. However, there are a ton of temporary factors behind the acceleration and recent gains in the CPIare concentrated in the most volatile components. This is likely not sustainable; it is attributable to the reopening of the economy.
The secular decline by Treasury bond yields since 1982 has been accompanied by a secular climb in the ratio of private and public non financial-sector debt to GDP.
High yield bond issuance and newly rated loans from high-yield issuers have soared thus far in 2021. Layers of fiscal stimulus on top of monetary stimulus have boosted risk tolerance. The most stimulus since WWII might yet drive private-sector leverage up to heights that significantly increase long-term debt repayment risk.
Markets now fret over the possibility that massive amounts of fiscal and monetary stimulus may damage future financial conditions and economic performance. An exceptionally strong reading on January’s retail sales and the continued upbeat tone...
APRS produces credible and defendable ratings for corporate and SME clients by anchoring globally accepted credit rating benchmarks to the country, industry, sector and company specific factors.
The Pricing Application is used for the pricing and valuation of non-equity financial securities. It is supported by the Ratings Application and Term Structures provided in the Risk Suite.
The results from the Pricing Calculator can be used to appropriately price new debt issues or value existing non-equity financial securities.
Clients are managed centrally for all modules allowing easy access to the APRS suite of products, including access to complete audit tracking. A single integrated database meets the clients consolidated risk and financial reporting needs.
APRS’s suite of tools includes an Expected Credit Loss (ECL) methodology and calculator specifically for wholesale portfolios. The ECL methodology used was developed and aligns to the requirements of the IFRS 9 standard. The tool can be customised to fit an entity’s specific data availability and requirements and is cost effective, quick to deploy and easy to use.
