Rapid Ratings launches global web rating service

Through its website: www.rapidratings.com, Rapid Ratings -- a subsidiary of Australian Stock Exchange-listed Collection House Ltd -- is offering ratings information on more than 200,000 companies in over a dozen countries.

The information spans 25 years and covers 25 industry categories.

The software behind the service was developed in New Zealand by Rapid Ratings managing director Patrick Caragata.

It took 10 years to design the software and 10 months to develop the website.

"We have positioned Rapid Ratings in the global market to rate, in a matter of minutes or a few hours depending on the volume of demand, all the corporate investments of each investment fund, and the entire commercial lending portfolio of each bank and large creditor," Dr Caragata said.

The web service can be used to assess companies of all sizes -- listed and unlisted -- as long as the income statement and balance sheet for one or more years is available, he said.

Dr Caragata said traditional rating agencies concentrated on rating only around a tenth of a percent of registered companies, most of which were large, listed companies.

Rapid Ratings was looking to capture opportunities within the unrated market, as well as currently rated companies.

"Rapid Ratings is a new generation rating agency using high technology to meet the growing demand for instant financial risk assessments of companies," Dr Caragata said.

The website, developed by Wellington-based Sytec Resources, is said to be able to produce 40,000 reports a day.

The company claims to have predicted the collapse of Australian insurance giant HIH Insurance five years in advance, Enron four years in advance, One.Tel two years ahead of its collapse and the near collapse of Air New Zealand four years in advance.

Rapid Ratings' current clients include the National Bank.

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