Lebanon Businessnews News

Bluering partners with S&P Capital IQ
Al-Mawarid and Jammal Trust banks first to benefit from the partnership
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Bluering, a local software company that delivers credit management to financial institutions, and S&P Capital IQ, a British provider of financial data, research and analytics, announced, on February 20, a partnership to expand Bluering’s Commercial Credit Processing platform by integrating S&P Capital IQ’s credit assessment scorecards.

The partnership offers bank credit professionals in the MENA region credit services on a single platform. Through this offering, clients now have the ability to analyse companies and ownership structure, in any geography or sector, all in one place.

The platform now hosts S&P Capital IQ’s probability of default (PD) and Loss Give Default (LGD) credit risk assessment scorecards, which are used to analyse corporate, financial institution, and public finance exposures. The scorecards are used by clients in their Internal Rating Systems to comply with the Basel accords and national regulations.

“Our aim is to provide comprehensive credit management solutions to the banking sector in the Middle East,” said Fares Kobeissi, Chairman of Bluering. He said that the service covers both ‘credit risk’ and ‘operational risk of credit’, thus helping banks to improve their credit portfolios and minimize defaults.

S&P Capital IQ has signed its first agreements for the implementation of the scorecards, as a result of this partnership, with Al-Mawarid Bank and Jammal Trust Bank.
Reported by Rana Freifer
Date Posted: Feb 21, 2014
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