We have attempted to define core, ancillary ratings and other services that L&G proposes to offer.
Core Rating Services
L&G is in the general ratings business, which includes the provision of core rating and ancillary services in respect of a wide variety of financial institutions, corporate entities, Government bodies and regarding various structured finance products.
The following constitutes L&G core rating services and activities:
1. The issuance of ratings on a public and private basis; 2. Servicer evaluations for insurance companies, pension funds and public utilities; 3. Analytics on ratings under different stress scenarios; 4. The monitoring or surveillance of ratings; 5. The performance of internal assessments; 6. The performance of impact assessments; 7. Ratings coverage of project and infrastructure finance transactions; 8. The preparation and dissemination of press releases, rating reports (which include the rating opinion) and surveillance reports; 9. The development and dissemination of research reports and other publications, including methodologies, models, newsletters, commentaries, and industry studies; 10. Regular oral and written dialogue with issuers, intermediaries, investors, sponsors, regulators, legislators, trade organizations and the media; 11. The conduct of, and participation in, speaking engagements and educational seminars; 12. Sale of subscriptions to rating reports and other materials; and 13. Equity grading and assessments.
L&G "core" services include the iterative dialogue and interaction that occurs between an issuer, arranger, underwriter and the rating agency during the rating process. Ancillary Services
L&G considers ancillary services to be rating-related services that are generally segregated by a rating agency into a separate business group. Ancillary services include the following: