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                                              Chiffre d’affaires
                  des données publiées aux données comparables



(en M€)                                         2004    2005    Variation


Chiffre d'affaires (données publiées)          412,7   557,9    + 35,2%
Effet de conversion ($ et £)                             2,7
Variation du périmètre (Entrée Algorithmics)           - 68,7


CHIFFRE D'AFFAIRES                             412,7   491,9    + 19,2%
(données comparables)
                                         Chiffre d’affaires par société
                                                          (données publiées)



(en M€)                                 2004       2005    Variation

FITCH GROUP                             411,6     556,1     + 35,1%
     Fitch Ratings                      403,8     476,6     + 18,0%
     Algorithmics                       7,8 *      79,5


Autres (société mère)                     1,1       1,8


CHIFFRE D'AFFAIRES                      412,7     557,9     + 35,2%
(données publiées)



* Fitch Risk Management seule en 2004
                         Chiffre d’affaires par société
                                     (données comparables)



(en M€)                 2004       2005     Variation

FITCH GROUP             411,6     490,1     + 19,1%
    Fitch Ratings       403,8     479,1     + 18,6%
    Algorithmics          7,8      11,0     + 41,0%


Autres (société mère)     1,1       1,8


CHIFFRE D'AFFAIRES      412,7     491,9     + 19,2%
(données comparables)
            Chiffre d’affaires publié par zone géographique


                               2004      %      2005      %
1      États-Unis              241,5   58,5 %   297,1   53,3%
2      Grande Bretagne          51,5   12,5 %    78,6   14,1%
3      Allemagne                11,9    2,9 %    20,1    3,6 %
4      Italie                    9,7    2,3 %    14,3    2,6%
5      France                   10,0    2,4 %    13,6    2,4%
6      Espagne                   8,6    2,1 %    11,0    2,0%
7      Pays-Bas                  6,8    1,7 %    11,0    2,0%
8      Suisse                    9,2    2,2 %    10,7    1,9%
9      Mexique                   5,5    1,3 %    10,0    1,8%
10    Japon                      5,7    1,4 %     9,2    1,6%
     % du chiffre d'affaires           87,3%            85,2%
         publié total
                                                        Du chiffre d’affaires
                                           au résultat opérationnel courant


(en M€)                                              2004      2005    Variation

Chiffre d’affaires (données publiées)               412,7     557,9     + 35,2%

   Autres produits et charges d’exploitation       - 336,6   - 450,7

Résultat opérationnel courant (données               76,1     107,2     + 40,9%
publiées)
   Effet de conversion ($ et £)                                 0,7
   Variation du périmètre (Entrée Algorithmics)                14,2

RÉSULTAT OPÉRATIONNEL COURANT                                 122,1
                                                     76,1              + 60,4%
(données comparables)
                           Résultat opérationnel courant par société
                                                             (données publiées)



(en M€)                                    2004     2005        Variation

FITCH GROUP                                 88,4    120,5       + 36,3%
      Fitch Ratings                         99,1    149,0       + 50,4%
      Algorithmics                       - 10,7 *   - 28,5

Autres (société mère)                     - 12,3    - 13,3

RÉSULTAT OPÉRATIONNEL COURANT               76,1    107,2       + 40,9%
(données publiées)




* Fitch Risk Management seule en 2004
                        Résultat opérationnel courant par société
                                                  (données comparables)



(en M€)                                 2004     2005    Variation

FITCH GROUP                             88,4    135,4    + 53,2%
    Fitch Ratings                       99,1    149,7    + 51,1%
    Algorithmics                       - 10,7   - 14,3   - 33,6%

Autres (société mère)                  - 12,3   - 13,3

RÉSULTAT OPÉRATIONNEL COURANT           76,1    122,1    + 60,4%
(données comparables)

Marge opérationnelle (ROC / CA)       18,4%     24,8%
                               Du résultat opérationnel courant
                          au résultat opérationnel (données publiées)


(en M€)                                    2004   2005    Variation


Résultat opérationnel courant              76,1   107,2   + 40,9%
(données publiées)


Autres produits et charges opérationnels    2,2   - 1,2


RÉSULTAT OPÉRATIONNEL                      78,3   106,0   + 35,4%
(données publiées)
                     Du résultat opérationnel au résultat net
                                                        (données publiées)


(en M€)                                        2004      2005

Résultat opérationnel                           78,3     106,0
(données publiées)
Coût de l’endettement financier                - 18,2   - 18,1
Autres produits et charges financiers          - 3,5       0,3
Charge d’impôt                                   6,9    - 40,3
Résultat net des sociétés mises en               0,4       0,5
équivalence
Résultat net des sociétés cédées ou en cours   - 14,9      9,4
de cession
Intérêts minoritaires                          - 2,6     - 0,2

RÉSULTAT NET – Part Groupe                      46,4      57,6
(données publiées)
Page   12
                                                              Historique


   Fondation de Fimalac en 1991
   Création d’un département de notation financière : début 1992
   Fimalac acquiert IBCA (Angleterre) : fin 1992
   Acquisition de Fitch (USA) par Fimalac : en 1997
    => fusion avec Fitch : création de “Fitch Ibca”
   Acquisition de Duff & Phelps (USA) en 2000
    => fusion avec “Fitch Ibca” et création de “Fitch Ibca Duff & Phelps”
   Acquisition de Bankwatch (Canada) : fin 2000
    => “Fitch Ibca Duff & Phelps” prend le nom simplifié de
       “Fitch Ratings”
                                       Croissance du chiffre d'affaires

In $ Mil

     800
                                                                            $693
     700
                                                                    $511
     600
                                                            $455
     500

                                                     $356
     400


     300


     200


     100


       0
           1996   1997   1998   1999   2000   2001   2002    2003    2004   2005
                                 Croissance du résultat opérationnel
                                                       courant (EBIT)
In $ Mil

  180

  160                                                                     $150
  140
                                                                   $120
  120                                                       $113

  100
                                                     $83
    80

    60

    40

    20

     0
           1996   1997   1998   1999   2000   2001   2002   2003   2004   2005
                          Structure de Fitch Group




                FITCH GROUP



 100 %                                    100 %

FITCH RATINGS                 ALGORITHMICS
                              Y compris
                              Fitch Risk Management
                                    Du chiffre d'affaires au résultat
                                  opérationnel courant (données publées)

en M$                                     2004      2005     % variation
Normes IAS                                                  2005 vs. 2004
Chiffre d’Affaires (données publiées)    511,3     692,6       + 35,5 %
    Charges de personnel                - 227,5   - 325,6
    Autres charges externes             - 95,3    - 134,2

    Total charges                       - 322,8   - 459,8
EBITDA (données publiées)                188,5     232,8       + 23,5 %

    Provision intéressement              - 67,7    - 53,2
    Dépréciations & amortissements       - 11,0    - 29,5
Résultat Opérationnel Courant            109,8     150,1       + 36,7 %
(données publiées)
                                          Résultats par société
                                                     (données publiées)


En M$                             2004       2005      % variation
Normes IAS
                                                      2005 vs. 2004

Chiffre d’Affaires FITCH GROUP   511,3       692,6
    FitchRatings                 501,5       593,6       + 18,4 %
    Algorithmics                    9,8       99,0
EBITDA FITCH GROUP               188,5       232,8
    FitchRatings                 197,5       247,6       + 25,4 %
    Algorithmics                 - 9,0      - 14,8
Résultat opérationnel courant
                                 109,8       150,1
FITCH GROUP
    FitchRatings                 123,1       185,6        + 50,8 %
    Algorithmics                 - 13,3     - 35,5
Page   19
        Entrée de Hearst au capital de Fitch Group




Prise de participation minoritaire de
       20 % dans Fitch Group
                                                     Valeur de la transaction


en M$                                                 Valorisation   Valorisation
                                                      Fitch Group    transaction
                                                            100%            20%

EBITDA FITCH RATINGS                                        247,6          247,6
Multiple Moody's                                            17,2 x         17,2 x
Valeur d'entreprise Fitch Ratings                           4 259          4 259
Valeur d'entreprise Algorithmics                              175            175
Valeur d'entreprise FITCH GROUP                             4 434          4 434
Décote minoritaire                                                         -1 080
Dette nette estimée au closing                               -234           -234
Provision intéressement cumulée estimée au closing           -162           -162
Valeur Nette 100% FITCH GROUP                              4 038           2 958
Valeur Nette 20% FITCH GROUP                                                592
                                                                     Valorisation de Fitch Group

   parité : 1€ = 1,2$                                       Valorisation     Moyenne      Moyenne     Moyenne
                                                               Fitch         Analystes    Analystes   Analystes
                                                               selon         Français     Etrangers
                                                            transaction         (1)          (2)


   Valeur d'entreprise FITCH GROUP                                  4 434        2 832        3 596      3 159

   Décote appliquée sur Moody's                                       0%

   Dette nette estimée                                                -234

   Provision intéressement cumulée estimée                            -162

   Valeur Nette FITCH GROUP en M$                                    4 038

   Valeur Nette FITCH GROUP en M€                                    3 365        2 104       2 679      2 350




(1) CAI Cheuvreux, Exane BNP Paribas, Fideuram Wargny, Oddo Securities.
(2) Cazenove, Dawnay Day Lockhart et UBS.
                                                                              Valorisation de Fimalac

 parité : 1€ = 1,2$                                                   Valorisation   Moyenne      Moyenne     Moyenne
                                                                         Fitch       Analystes    Analystes   Analystes
                                                                         selon       Français     Etrangers
                                                                      transaction       (1)          (2)


 Valeur Nette FITCH GROUP en M€                                              3 365       2 104        2 679       2 350

 Valeur Nette 80% FITCH GROUP (ap. impôts)                                   2 650

 Trésorerie cession 20% FITCH GROUP (ap. impôts)                          + 467
 Trésorerie, autres actifs et passifs de Fimalac                          + 133        + 133       + 133       + 133
 ANR FIMALAC en M€                                                        = 3 250      = 2 237     = 2 812     = 2 483

 Nbre de titres FIMALAC (en millions)                                         37,5         37,5        37,5        37,5
 (après annulation de 400 000 titres)
 Cours théorique en €                                                         86,7         59,7        75,0        66,2

 Cours au 28/02/06 en €                                                       66,3

 Potentiel de hausse                                                         31%          45%         16%         31%


(1) CAI Cheuvreux, Exane BNP Paribas, Fideuram Wargny, Oddo Securities.
(2) Cazenove, Dawnay Day Lockhart et UBS.
                               Les aspects contractuels




   Opération soumise à l’accord des autorités
    de la concurrence, closing prévu fin avril
    2006

   Les aspects contractuels
Page   25
                                        Des indicateurs opérationnels en
                                                forte croissance en 2005


   •     Chiffre d'affaires :                       +    19,2 %
   •     Résultat opérationnel courant :             + 60,4 %



   •     Les ratios opérationnels du groupe se sont améliorés :
                                                                   2004     2005
             Résultat opérationnel courant / Chiffre d'affaires   18,4 %   24,8 %
             Résultat net / Capitaux propres (données publiées)   10,1 %   12,5 %



   •     Augmentation du dividende de 19 % à 1,25 € par action
A données comparables
                          Dividende ordinaire par action



                                                       1,25
                                                1,05
                               0,95 0,95 0,95
                        0,90
                 0,74
          0,55
0,48 0,52




1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
       Cours comparés – Fimalac, CAC 40 & SBF 120
        de Décembre 1992 à Février 2006 - Base 100


1300                                    FIMALAC
                                          1 312
1100


 900
                                         SBF 120
 700
                                           304
 500
                                         CAC 40
 300
                                           273

 100
      Cours comparés – Fimalac, CAC 40 & SBF 120
          de janvier 2005 à février 2006 - Base 100
                                          au 28/02/2006

200
                                         FIMALAC
190
                                            188
180
170
160
                                          SBF 120
150
                                            135
140
130
                                          CAC 40
120
                                            131
110
100
                          "Total Shareholder Return" sur 10 ans
                                         des sociétés du SBF120
                                                    TSR                au 28/02/2006
Rang                                   Sur 10 ans         Annualisé
                                         En %              En %
1      Beneteau                           3 220,6%         42,0%
2      Maurel & Prom                      2 576,3%         38,9%
3      Vallourec                          2 324,3%         37,6%
4      Areva                              1 473,0%         31,7%
5      Vinci                               994,1%          27,0%
6      Wendel Investissement               870,4%          25,5%
7      Fimalac                             861,0%          25,4%
8      SR Teleperformance                  770,3%          24,2%
9      Unibail                             761,1%          24,0%
10     Klepierre                           715,7%          23,4%
11     CFF Recycling                       676,8%          22,8%
12     Bouygues                            676,3%          22,8%
13     Societe Generale                    603,8%          21,6%
14     BNP Paribas                         530,1%          20,2%
15     Publicis Groupe                     512,0%          19,9%

                                                                      Source JCF Group
Page   31
                                       Revenue by Segment

(in millions of US$)
IAS Norms                                             % of
                                            change
                            2004    2005              2005
                                         2005/2004
                                                      total

Structured Finance          267,5   324,9   21,5%    54,7%

Corporate Finance           143,4   163,7   14,2%    27,6%

Public Finance/Sovereigns    34,8    40,9   17,5%    6,9%

Subscriptions / Training     55,8    64,1   14,9%    10,8%

TOTAL FITCH RATINGS         501,5   593,6   18,4%    100%
                                        Revenue by Region

(in millions of US$)
                                                  % of
IAS Norms                               change
                        2004    2005              2005
                                     2005/2004
                                                  total
North America           291,4   342,0    17,4%   57,6%

Europe, Middle East &   175,1   207,9    18,7%   35,0%
Africa
Latin America            19,1    24,0    25,7%   4,0%

Asia Pacifica            15,9    19,7    23,9%   3,3%

TOTAL FITCH RATINGS     501,5   593,6    18,4%   100 %
                                                      Key Figures
                                                             (reported)


(in millions of US$)               2004     2005       % change
IAS Norms                                           2005 vs. 2004

Revenue (reported)                501,5    593,6        + 18,4 %



EBITDA (reported)                 197,5    247,6        + 25,4 %

EBITDA margin                     39,4 %   41,7 %


Current Operating Income          123,1    185,6        + 50,8 %
(reported)

Current Operating Income margin   24,5 %   31,3 %
                                                     Revenue and
                                Current Operating Income Growth

 (in millions of US$)
         700

         600

         500

         400

         300

         200

         100

         -
                1997     1998   1999   2000   2001     2002    2003   2004   2005
                                        Revenue   Operating Income
Operating
  Margin       21%      26%     26%    25%    23%    23%      25%     25%    31%
                                  Drivers of Debt Capital Markets
                                                          Growth
Drivers of recent and future growth in debt capital markets

   Macroeconomic drivers
     Worldwide economic growth
     Levels of real interest rates
     Levels of capital spending
     Merger and acquisition activity
     Deregulation
   Market structure drivers
     Innovation (e.g., new instruments) in the debt capital markets
     Growth of securitization
     Disintermediation of markets
     Increased availability of financial information
     Demand from “new money” investors
                                                                        Points of Differentiation

BMA survey: Majority of investors believe 3 ratings is ideal

                                                        1 - is ideal
                                                            8%



                                                                            2 - is ideal
                                                                               31%




              3 - is ideal
                 61%


   Source: Bond Market Association Rating Industry Day, February 2006
                                                                            Market Share

By Revenue (First Nine Months 2005)

                                                        Others
                                         AM Best
                                                         3%
                                          3%
                                                                    Fitch
                                                                    15%


                       S&P
                       39%




                                                                 Moody's
                                                                  39%

    Source: Moody’s Investor Presentation, March 2006
                                                               Market Share (continued)

Fitch 2005 Market Share (By Issuance Dollar Volume)
      100%
        90%
        80%
        70%
        60%
        50%
        40%
        30%
        20%
        10%
         0%
                  Non-Financial     Financial     Structured     U.S. Public   Sovereigns
                   Corporates      Institutions    Finance        Finance




    Source: SDC, Bondware, Fitch
                                           Key 2005 Accomplishments

Greater Institutional Acceptance – Transitioning the Market
  to a Three Rating Environment

   Inclusion in key fixed income indexes
      Lehman Brothers, Merrill Lynch, Banc of America, iTraxx, iBoxx,
        Bond Buyer, NASD Bloomberg Corporate Bond Indices, etc.

   Inclusion in institutional investor investment guidelines
      56% of top 100 institutional investors have changed or are in process of
        changing
      78% of top 50 public pension fund investors have changed or are in
        process of changing
      Calpers, Citigroup, Dreyfus, Fidelity, PIMCO, TIAA-CREF, etc.
                                            Key 2005 Accomplishments
                                                                          (continued)

Key Rating Initiatives

   Recovery ratings
      Created two new types of ratings – issuer default ratings and recovery
       ratings
      Being rolled out across all corporate, utility, bank and insurance sectors
   Credit derivatives
      Valuspread acquisition provides data for analysis and a commercial
       platform
      Content additions to FitchCDx, Fitch’s online hub of credit derivatives
       information
      RAPCD announced March 15, will provide integrated platform for
       credit and market risk in growing synthetic CDO market
   Quantitative financial research
      Invested in 2005 to build QFR teams in NY and London
      Focused on structured finance, but also involved in other areas
      Focused on updating current Fitch internal and external models plus
       building new solutions
                                               Key 2005 Accomplishments
                                                                             (continued)
Key Rating Initiatives (continued)
   VECTOR version 2.2 released for CDO market
   Insurance Q Ratings
      Built on success of QIFS ratings in Europe with U.S. rollout
      Furthers market transparency by providing information on insurers of all size
   Introduced two measures of banking system vulnerability – Banking System
    Indicator and Macro Prudential Indicator
   Continued expansion in high yield, leveraged loans and covered bonds
   International Securitisation Report and Structured Finance International best
    structured finance rating agency awards – again

Products & Services
   Focused on identifying opportunities to complement core products -- Fitch
    Research and Ratings Delivery Service -- with new products and services
   Launched three structured finance-focused products in 2005
      Bond Compare, FASTracker, ABCP SMART
                                                      Key 2006 Initiatives

Structured Finance Initiatives
   Updated RMBS model
   Revised VECTOR CDO model
   RAPCD for synthetic CDOs
   Continue to build QFR team

Corporate/Financial Institution Initiatives
   Continued recovery ratings implementation
   Insurance capital model
   Financial guaranty capital model
   Expand in high yield and leveraged loan markets

Business Development Initiatives
   Build on index and investment guideline inclusion momentum
   Grow products and services
                                                                     Regulatory Update

U.S.
   SEC continues its ongoing review of the appropriate level of regulation for
    ratings agencies
      Released for public comment Proposed Rule on definition of NRSRO in April 2005
      Produced technical assistance for Congress relating to SEC statutory authority in June 2005

   “Credit Rating Agency Duopoly Relief Act of 2005” introduced in House in
    June 2005
      Hearings held in 2005; additional hearings in House possible in 2006
      Senate hearing held March 7

International
   European Parliament asked EU Commission to assess need for rating agency
    legislation in 2004
        EU Commission announced it will not propose new legislation to regulate but will monitor
         compliance with existing and self-regulatory rules
   IOSCO published Code of Conduct Fundamentals for Credit Rating Agencies
    in December 2004
        Fitch supports the IOSCO approach ; published its official Code of Conduct in January 2005
                                                Market Outlook


   Long-term secular outlook remains favorable but cyclical
    factors may induce some volatility
   Continued worldwide economic growth
   Potential for rising real interest rates
   Increased M&A activity
   Basel II
   BMA projects 13% decline in total US issuance volume in
    2006 (driven by RMBS)
   EMEA issuance outlook more positive, particularly in
    structured finance
                                                                Goals


   Continue to capitalize on overall institutionalization efforts
   Maintain and grow market share across all key segments
    and region
       Revised models should drive incremental ratings share
   Enhanced pricing flexibility
   Continue to grow revenue from products and services
   Fitch Ratings: 10-12% revenue growth annually
       US: 8-10%
       International: 20%
Algorithmics
     Incorporated




          Page      47
                 Algorithmics                                                                  Key Figures
                        Incorporated
                                                                                                         (reported)


         (in millions of US$)                                                   2004             2005
         IAS Norms



         Revenue (reported)                                                        9,8            99,0



         EBITDA (reported)                                                    - 9,0            - 14,8



         Current Operating Income (reported)                                  - 13,3           - 35,5


Note: 2004 includes FRM only. 2005 reflects only ~11 months of Algorithmics revenue, an adjustment of the
revenue recognition policy, and $15.7 million amortization charge associated with acquired Algo IP
          Algorithmics
                 Incorporated
                                            Revenue by Region

(in millions of US$)
IAS Norms
                                      Asia
                Latin                Pacifica
               America                 8%
                 4%                               North
                                                 America
                                                  31%




                        Europe,
                       Middle East
                        & Africa
                          57%
       Algorithmics
              Incorporated
                                                                Overview

Algorithmics strives to be the single most respected and widely used
        provider of risk management solutions in the world.



    Founded in 1989, a recognized leader in enterprise risk management

    660 professionals in 18 global offices

    Serves the global financial services industry

    Over 300 solutions clients including 70 of the world’s largest banks
                  Algorithmics
                         Incorporated
                                                              Recognized Leadership




         “The broadest and deepest offering available for Basel II ...advanced features and
        technology... an integrated approach to market, credit, and operational risk, but also
                          delivers data and sophisticated analytics/models.“


Source: Celent, February 2006
                 Algorithmics
                        Incorporated
                                                           Recognized Leadership




      " Algorithmics stands in the Leaders quadrant due to proven implementation capability,
       functional breadth across the entire Basel II criteria solution architecture, and its deep
                                   domain and issue knowledge."

Source: Gartner, September 2005
  Algorithmics
         Incorporated   Financial Institution of the Future



Today
Do business and then compute risk.


Tomorrow
Compute risk and then do business!
    Algorithmics
           Incorporated       Comprehensive Solutions

Algo Suite
One data architecture
One analytical engine
One suite of solutions



Key differentiators:

   Enterprise wide
   Comprehensive solutions
   Integrated framework
   Scalable architecture
   Advanced analytics
   Proven solutions
     Algorithmics
            Incorporated
                               Corporate Achievements in 2005
Growth

   Secured >90 new licenses

Enhanced Resources and Approach

   Completed successful integration of Fitch Risk

   Established focused, revenue-oriented business lines

   Developed new 3rd party alliances: NumeriX, Citigroup, Polaris

Delivered Value

   Secured powerful value-added statements by clients

Industry Recognition

   Risk Awards, Gartner Magic Quadrant, American Banker Top 100,
    Celent Basel II
         Algorithmics
                Incorporated
                                      Solution Achievements in 2005


Algo Suite 4.5

       Successful launch in April; more than 20 upgrades completed or
        underway

Capital Management and Credit Risk (Algo Capital, Algo Credit)

       Leading market share for Basel II Vendors (Celent 2006)
       Proven economic and regulatory capital solutions
       Successful launch of European Credit Data Services
       Introduced credit workflow solutions to the market
       Over 80 capital management and credit risk clients
         Algorithmics
                Incorporated
                                      Solution Achievements in 2005

Operational Risk (Algo OpVantage)
    Integration created the largest operational risk team in the world
    Recognized by Chartis Research as leading operational risk provider
    Loss Event Database (FIRST)
    More than 80 operational risk clients worldwide


Market Risk for the Buy Side and Sell Side (Algo Risk)
    Gained momentum with partnered ASP solutions (BBG, BHF, SSID)
    Opened MtF framework to accommodate 3rd party models
    Extended decision support, including optimization
    Over 100 market risk (Algo Risk) clients


Collateral Management (Algo Collateral)
     Optimized for scalability
     Progress made toward development of version 5.0 (launch Q3 2006)
     Over 60 long-term collateral clients
             Algorithmics
                    Incorporated
                                                   Evolving Positioning


Financial Institution of the Future                Integrated Solution
Compute Risk then do business                      Strategy for ERM
Solution Strategy, building on
core competencies:                                      •   Software
•    Full forward valuation. No Short Cuts
                                                        •   Content
•    Enterprise wide consolidation of all risks

•    Risk related work-flow and decision process
                                                        •   Services

                                                        •   Advisory
        Algorithmics
               Incorporated
                               Risk Management Growth Drivers



   Evolving regulatory pressures

   Increasing complexity in financial markets and products

   Ongoing trends toward buying solutions rather than building in-house

   Increasing scope and scale of risk management requirements

   Growing interest from non-traditional markets – ex. buy side

   Evolving trends towards risk management best practice for competitive
    and business advantage
          Algorithmics
                 Incorporated                     Key Investment Areas in 2006
      People: Increased investment in subject matter expertise in business lines and field;
                 significant enhancements to services and advisory resources
                                     Credit Processes
                                     Credit workflow                Capital Management
                                     Internal ratings process       Advisory
Buy Side                             Limit management               Economic & regulatory capital
Investment decision process                                         EPE (Basel II)
Managed service / ASP                                               Content (Credit Data Services)
Explore related verticals                                           Extensive models platform
                                                                    (Citigroup)
                                                                    Analytics for Fitch Ratings



 Sell Side                                                          Operational Risk
 Decision support                                                   Scalability and flexibility
 Advanced analytics                                                 Advisory
 Open MtF program (NumeriX)         Collateral Management           Content
                                    Scalability and flexibility
                                    Risk-based margining
Algorithmics
       Incorporated
                                       Risk Leadership

                      Growth Objectives

                      20%+ overall revenue growth

                         Market opportunity


                         Our market position

                         Solutions that matter

                         Investment in growth strategy
Page   62
Page   63
                                                                                  Global Presence
Headcount
                                                             Barcelona
NA: ~870                                               London              Moscow
                                       Toronto       Paris     Frankfurt       Warsaw
LA: ~160      New York                                                                    Istanbul
                                                                  Milan
            Washington
EMEA: ~590 Chicago
AP: ~160 San Francisco                                                                         Beijing

                Austin                                                                         Seoul
Total: ~1,780 Tampa
               Monterrey                                                                       Tokyo
       Mexico City                                                                         Taipei
     San Salvador                                                                         Hong Kong
         San Jose
                Bogota                                                                        Bangkok
               Caracas                                                                         Kuala Lumpur
                                                                                           Singapore
               Quito
                   Lima                                                                    Brisbane
                  La Paz                                      New Delhi         Kolkata
                                                                        Chennai
          Rio De Janeiro                                          Mumbai
                                                   Tunis                                     Sydney
                 Sao Paulo                                                   Colombo
                     Santiago

                             Buenos Aires
                                        Montevideo Johannesburg
                                                Market Coverage

Fitch’s Ratings Universe (as of year end 2005)

   5,387 financial institutions
      3,212 banks
      1,976 insurance companies
   1,279 corporate ratings
   96 sovereign ratings
   80,323 municipal transactions under surveillance
   117 sub-sovereign ratings
   structured finance deals under surveillance
      6,361 U.S.
      1,436 EMEA
      271 Asia-Pacific
                                                      Points of Differentiation


Opinions respected by investors and issuers          -
                                              Service oriented culture
 Experienced career analysts                    Commitment to proactive service
 Thorough analysis and reporting                Prompt response to inquiries
  In-depth criteria and modeling                Active investor visitation program
 Global regulatory recognition                  Frequent seminars and conferences


Sharing the ideas behind our opinions         A multinational firm built on local expertise
  Open decision-making framework                Dual headquarters in New York and London
  Accessibility of analysts                     Coverage in over 90 countries
  Timely presale research                       Regional presence in six US cities
  Ongoing surveillance                          Credit decisions reflecting on the ground
                                                perspective

Innovative and forward thinking
  Original Research and modeling
  Receptivity to new ideas and markets
  Specialized knowledge in complex credits
  Proven record of innovation
                                                                   Code of Conduct

Introduction to Fitch Ratings Code of Conduct
   “Fitch Ratings is committed to providing the world's securities markets with
    objective, timely, independent and forward-looking credit opinions. Fitch is
    dedicated to several core principles -- objectivity, independence, integrity and
    transparency. Investor confidence in Fitch’s ratings and research is difficult to win,
    and easy to lose, and Fitch’s continued success is dependent on that confidence.

   “Fitch expects all of its employees to act in accordance with the highest standards of
    personal and professional integrity in all aspects of their activities and to comply
    with all applicable laws, rules and regulations, and all policies and procedures
    adopted by Fitch, that govern the conduct of Fitch employees. Each employee is
    personally responsible for maintaining the highest levels of integrity to preserve the
    trust and confidence of global investors.

   “Throughout its history, Fitch has established and implemented policies, procedures
    and internal controls to ensure the objectivity and integrity of its ratings. Fitch’s
    Code of Conduct summarizes Fitch’s existing policies and procedures designed to
    ensure the highest standards for Fitch’s ratings. Fitch will promptly disclose any
    changes to this Code, or to how this Code is implemented and enforced.”
                                          Additional Information
                                    on Key 2005 Accomplishments
Recovery Ratings
 Fitch has created two new rating types; recovery ratings (RR) and issuer

  default ratings (IDR)
 Rolled-out through 2005 and Q1 2006, recovery ratings provide investors

  with information on the two components of credit risk — a benchmark
  probability of default and a recovery expectation given default
 These ratings are being consistently applied globally across all corporate,

  bank, utility and insurance sectors

High Yield
 Recognizing the increased importance of this asset class and growing

   demand from investors and other market constituents, Fitch formed a
   group to focus on better serving the high yield market in the Fall of 2004
 Fitch currently rates 80 of the top 100 high yield issuers

 Approximately 1/3 of Fitch's corporate ratings are high yield

 Over 360 loan assessments were requested and completed in 2005
                                                      Additional Information
                                                on Key 2005 Accomplishments
Covered Bonds
  Covered bonds are securities issued by financial institutions and secured on a portfolio of
   assets such as mortgage loans (residential or commercial) and loans to public entities
  Fitch currently rates the following types of covered bonds
     Germany’s Hypotheken and Oeffentliche Pfandbrief, Spain's Cedulas Hipotecarias,
        France's Obligations Foncieres, UK Contractual Covered Bonds, Ireland's Asset Covered
        Securities, Luxembourg's Lettres de Gage Publiques, Italy's Covered Bonds, Dutch
        Contractual Covered Bonds

Credit Derivatives
  The use of credit derivatives, and synthetic transactions in particular, reflects a change in
   behavior by investors and bankers in the capital markets
  In 2005, Fitch invested in the research and development of new credit derivatives products and
   services designed to marry the analysis of credit risk and market risk, particularly in the
   growing market for synthetic CDOs
     RAPCD announced at Fitch’s Credit Derivatives Conference in New York March 15
  Valuspread provides banks and other market participants with prices on credit default swaps
   direct from leading global market makers
                                                       Additional Information
                                                 on Key 2005 Accomplishments
Q Ratings
  Q-IFS ratings are generated solely using a statistical model that utilizes financial statement
   information
  The model incorporates “rating logic” that mirrors many aspects of the quantitative analysis
   used to assign Fitch’s traditional Insurance Financial Strength ratings, as well as new measures
   and tools intended to enhance the quantitative parts of Fitch’s traditional analysis
  Throughout the year, Fitch initiated Q-IFS ratings on 166 insurance and reinsurance companies
   in France, Germany, the United Kingdom, and the U.S. Fitch assigned ratings to 473 U.S.
   property/casualty insurance companies and 280 U.S. life insurance companies

New Products & Services
  Bond Compare - allows subscribers to conduct side-by-side evaluations of individual structured
   finance deals
  FASTracker - Fitch Alert Surveillance Tracker (FASTracker) - is a portfolio management tool
   that delivers frequent email alerts about new research, press releases, and performance data for
   structured finance
  ABCP S.M.A.R.T (Surveillance. Metrics. Analytics. Research. Tools.) provides a detailed and
   consistent reporting format for U.S. asset backed commercial paper performance data
Algorithmics
     Incorporated




          Page      71
Algorithmics
       Incorporated
                                           Recognized Leadership


                      “The rankings show that Algorithmics' brand is as
                      strong as ever… Algorithmics once again swept the
                      board in terms of risk management."

                      Clive Davidson, Risk Magazine Contributing
                      Editor



                  First In:
                  Basel II
                  Market Risk
                  Credit Risk
                  Collateral Management
                  Op Risk Capital Calculation
Algorithmics
       Incorporated
                      Sample Client List
         Algorithmics
                Incorporated
                                     Top 10 Strategic Risk Initiatives

                                           =   Algorithmics Solutions
                        Risk Initiative
            Buy side risk management           Algo Risk, Algo Collateral
     Risk management for hedge funds           Algo Risk, Algo Collateral
                     Economic capital          Algo Capital
                   Portfolio credit risk       Algo Capital
                 Capital management            Algo Credit
                    Credit derivatives         Algo Capital
                Risk data architecture         Algo Suite
                       KRI for op risk         Algo OpVantage
                  SOX outside the US           Algo Risk
                           Energy risk         Algo Suite

Financial Insights 2006

								
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