The Credit Rating and Investors Services Philippines Inc. (CRISP) was established at the height of the global subprime crisis in 2008, which cast significant doubts on the credibility of the international credit rating industry. As financial markets worldwide began to critically assess conventional rating methodologies, the founders of CRISP recognized an opportunity to introduce a perspective uniquely attuned to the complexities of Philippine business and commerce.
Founding Vision and Approach
CRISP derives its strength from a practitioner-oriented academic foundation, coupled with an in-depth understanding of the Philippine business environment, gained through the direct involvement of its founders as senior managers and consultants. Their vision was to establish an alternative model for risk evaluation, one that harmoniously integrates academic rigor with the pragmatic insights of industry professionals. This approach leverages both advanced research methodologies and tangible market experience, ensuring that each credit rating opinion is firmly anchored in actual business conditions.
Rating Methodology
The rating methodology employed by CRISP is founded on the logical synergy between comprehensive risk assessment and academic research, while assigning considerable value to the practical insights of seasoned practitioners. This dual focus enables CRISP to produce credit ratings that possess both theoretical soundness and practical significance, thus providing valuable guidance to investors, issuers, and other market participants.
Market Presence and Activities
Notwithstanding its relatively brief period of operation, CRISP has established itself as a reputable rating agency, having assessed bond issuers in various sectors, including real estate, food and beverage, and energy. Most of these bond issues are publicly traded on the Philippine fixed-income trading floor, demonstrating the market’s confidence in CRISP’s evaluations. Moreover, the company has assisted commercial entities seeking to raise capital privately by conducting unpublished ratings, thereby catering to clients who require confidentiality and discretion in their fundraising endeavors.
Leadership and Expertise
The Rating Committee of CRISP is chaired by Emmanuel A. Leyco, who retired as a tenured public finance professor at the Asian Institute of Management (AIM) and a former credit rating specialist at Standard and Poor’s in New York City. The company’s analytical team comprises former and active senior faculty members from the Asian Institute of Management and the Ateneo School of Business—individuals recognized as industry authorities who actively participate in research and consultancy for prominent Philippine companies and institutions.
Through the integration of practitioner insight and academic rigor, CRISP has established a distinctive presence within the Philippine credit rating industry. Its unwavering commitment to integrity, local expertise, and innovative methodologies has positioned it as a trusted partner for investors and issuers navigating the intricacies of the country’s financial markets.