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普通上班族 · 2024年03月11日

这道题的问题和材料没有一点关系

NO.PZ2022120702000028

问题如下:

Daniel Stinner was asked by the head of Research at Lopse Ratings to propose a methodology to rate sovereigns. Lopse Ratings is a well regarded rating agency, but it has been falling behind its peers because, whilst it has integrated ESG within corporate issuers, it has not yet integrated ESG within sovereign issuers.

After a few months of research in the industry and within Lopse, Daniel proposed the following to the Head of Research:

E, S and G weights to a final ESG score reflect the extent that the individual factor is a driver from a credit perspective.

Scores range from factors that individually are adequately managed or contributing to the sovereign’s financial capacity (highest 5) to those which may impose a significant strain on financial streams (lowest 1). They do not make value judgments on whether a sovereign engages in 'good' or 'bad' ESG practices. Instead, they draw out how E, S and G factors are influencing the credit rating decision.

Political risk, rule of law and corruption have been key drivers of rating actions in the past, indicating that governance was already playing a role in the rating model. It should be made explicit that these are governance-related matters, and thus considered as the ‘G’ within ESG. No other governance issue was deemed material across all types of sovereigns. Data could be gathered fromthe World Bank's Governance Indicators (WBGI) and Transparency International.

Social factors also have an important influence on sovereign ratings. Certain factors are related to government’s accountability, while others impact the longer-term productivity, and thus growth (plus indirectly, taxing capability) of the country. These factors are considered as the ‘S’ within ESG. Environmental risks, the ‘E’ within ESG, were identified as more idiosyncratic to each country based on their location and dependency.

The weighted average of the factors within each of the E, S and G pillars provide the score for that pillar, and the weighted average of the pillars provide the final ESG score for the sovereign issuer.

What might be a reasonable distribution of weight among each of the E, S and G pillars?

选项:

A.E = 33.3%, S= 33.3%, G= 33.3% B.E = 33.3%, S= 44.4%, G= 22.2% C.E = 40%, S= 40%, G= 20% D.E = 20%, S= 30%, G= 50%

解释:

G因素对债权人来说更加重要,尤其是主权债。因此在评估E,S,G三个方面的因素时,应给予G最高的权重,上述选项只有D选项符合。

看了一堆内容,问题的答案在材料中也找不到,意义在哪里?

1 个答案

Tina_品职助教 · 2024年03月11日

嗨,从没放弃的小努力你好:


它这是一个大的case题,涉及了好几个问题。这个题主要就是考虑主权债在E\S\G权重考虑上的差别。

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