A TD RATING IS AN INFORMED OPINION
The TD Rating is an educated opinion about a runners likelihood to meet its financial obligations. It can help you gain knowledge of, and access to, new markets, enhance transparency, serve as a universal benchmark, and assess and demonstrate a horses wagering worthiness. It’s not a guarantee or absolute measure, but is a crucial tool for punters, bookmakers and industry professional in the decision-making process.
WHY ARE TD RATINGS USEFUL?
TD Ratings hold the key to an efficient horse racing marketplace. They provide transparent information that’s not only forward-looking, but standardized for consistency.
TD RATINGS CAN ENABLE
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Punters to...
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Bookmakers to...
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Industry Professionals...
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WHO USES TD RATINGS
PUNTERS
- Optimize the cost of funding
- Expand the pool of investors and available capital
- Lengthen the terms of financing
- Diversify funding sources
BOOKMAKERS
- Benchmark the relative credit risk of different debt issues
- Set the initial pricing for individual debt issues they structure
- Determine the interest rate issues will pay
- Package assets into securities or structured finance instruments to market to investors
INDUSTRY PROFESSIONALS
- A third-party opinion of credit quality
- A basis for comparison across asset classes, geographies, and peers
- Information and metrics to make informed decisions, such as supplementing their own credit analysis or establishing thresholds for credit risk and investment guideline
- Optimize the cost of funding
- Expand the pool of investors and available capital
- Lengthen the terms of financing
- Diversify funding sources
BOOKMAKERS
- Benchmark the relative credit risk of different debt issues
- Set the initial pricing for individual debt issues they structure
- Determine the interest rate issues will pay
- Package assets into securities or structured finance instruments to market to investors
INDUSTRY PROFESSIONALS
- A third-party opinion of credit quality
- A basis for comparison across asset classes, geographies, and peers
- Information and metrics to make informed decisions, such as supplementing their own credit analysis or establishing thresholds for credit risk and investment guideline
HOW WE TRACK TD RATINGS
We continuously work to refine our ratings to uphold the highest level of excellence. To measure performance, we conduct studies that assess how much a rating has moved up or down over a given period of time, also known as its "TD Progression Rate".
PREDICTING STABILITY
TD Progression Rates can be helpful to punters, bookmakers and industry professionals because they demonstrate relative stability and volatility. For example, punters who are obligated to purchase only highly rated runners may review the history of progressions and defaults as part of their research.
In addition, we conduct studies that track defaults across various racing variables, providing a fuller picture for our analysts.
In addition, we conduct studies that track defaults across various racing variables, providing a fuller picture for our analysts.
TD RATINGS SCALE
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AAA
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INVESTMENT GRADE: Extremely strong capacity to meet financial commitments.
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AA
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INVESTMENT GRADE: Very strong capacity to meet financial commitments.
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A
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INVESTMENT GRADE: Strong capacity to meet financial commitments, but somewhat susceptible to adverse conditions and changes in circumstances.
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BBB
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INVESTMENT GRADE: Adequate capacity to meet financial commitments, but more subject to adverse conditions.
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BB
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SPECULATIVE GRADE: Less vulnerable in the near-term but faces major ongoing uncertainties to adverse conditions.
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B
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SPECULATIVE GRADE: More vulnerable to adverse conditions but currently has the capacity to meet financial commitments.
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CCC
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SPECULATIVE GRADE: Currently vulnerable and dependent on favourable conditions to meet financial commitments.
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CC
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SPECULATIVE GRADE: Highly vulnerable; default has not yet occurred, but is expected to be a virtual certainty.
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C
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SPECULATIVE GRADE: Currently highly vulnerable to non-payment; and ultimate recovery is expected to be lower than that of higher rated prospects.
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DDD
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SPECULATIVE GRADE: Payment default on a financial commitment or breach of an imputed promise; also used when track conditions are unsuitable and/or horse condition scoring is low (+).
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DD
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SPECULATIVE GRADE: Payment default on a financial commitment or breach of an imputed promise; also used when track conditions are unsuitable and/or horse condition scoring is low (+/-).
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D
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SPECULATIVE GRADE: Payment default on a financial commitment or breach of an imputed promise; also used when track conditions are unsuitable and/or horse condition scoring is low (-).
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TD MARKET INTELLIGENCE |
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