RAG-Stiftung has acquired a stake in Scope SE & Co, an EU-based provider of independent ratings, research and risk analysis solutions across all asset classes.
The investment is part of a funding round aimed at significantly expanding the agency's European market coverage.
“Scope is a growth company that is gradually establishing itself in a market that thrives on the confidence of institutional investors,” says Florian Schoeller, founder and CEO of Scope Group. “For this we need strong partners with an excellent reputation. RAG-Stiftung – along with AQTON SE, a holding company of entrepreneur Stefan Quandt, and numerous insurance companies – provides just this: a long-term view to investing and the firm belief in the value of building a European rating agency.”
Over the last five years, Scope has invested around EUR70 million in establishing a viable European competitor within the global rating industry. The newly raised capital will be used primarily to expand the coverage of corporate ratings and digitalising services. Over the next 30 months, Scope will increase its coverage of European blue chips to a level rivalling that of the two market leaders S&P and Moody's. This will make Scope a true rating alternative for institutional investors in Europe.
With EUR17 billion in assets, RAG-Stiftung is one of Germany’s largest foundations. It is responsible for financing the perpetual obligations arising from the hard-coal mining in Germany undertaken by RAG Aktiengesellschaft. The foundation safeguards the long-term financing of these activities by investing in safe and profitable assets that provide the required returns.
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