Hipparchus Credit Assessment: The rigor of independent credit scoring
Inspired by Hipparchus of Nicaea's astronomical precision, our proprietary rating framework measures corporate credit risk by combining quantitative analytics, operational resilience, and objective collateral valuation.
HCA Methodology · Independent Credit Scoring · Paris
Traditional rating agencies focus predominantly on large public corporations. The HCA system was custom-calibrated for privately held mid-caps, SMEs, and entrepreneurial holdings.
Multidimensional Audit (48 Criteria)
Exhaustive evaluation structured across 4 normative pillars: operational profitability, balance sheet leverage, collateral enforceability, and governance integrity.
Collateral Value Integration
Dedicated collateral haircut module: orderly liquidation values, fire-sale discounts under stress, and priority ranks in the capital structure.
Analyse bilatérale · Rapprochement des exigences de risque
Deux lectures symétriques de la solvabilité
Pour les dirigeants, holdings et family offices (Borrower Side), la notation HCA permet d'objectiver la capacité d'endettement réelle avant toute démarche de marché. Connaître sa note interne opposable permet de désamorcer les décotes prudentielles excessives, d'optimiser les covenants et de négocier les spreads de marge avec autorité.
Pour les comités d'investissement, fonds de dette privée et banques (Lender Side), le rapport HCA fournit un avis indépendant et documenté sur la robustesse des flux d'exploitation et la liquidité ordonnée du collatéral. Il réduit le coût d'underwriting préliminaire et offre une grille opposable de calibrage du risque de défaut (PD/LGD).
« La transparence bilancielle est la condition première d'un coût du capital maîtrisé. »
HCA Matrix v3.2 Rating Scale
HCA CREDIT MATRIX
A proprietary credit scale calibrated to measure Probability of Default (PD) and Loss Given Default (LGD) over dynamic 12-to-36-month horizons.
Four complementary analytical dimensions
Every corporate file is cross-audited across four independent perspectives to eliminate blind spots.
Quantitative Flow Analysis
Free cash flow (FCF) modeling, normative working capital requirements, and debt service coverage ratios under distress.
Legal & Security Analysis
Evaluating asset liquidity and enforceability of first-demand guarantees, share pledges, and real estate mortgages.
Macro & Sectoral Analysis
Measuring sensitivity to monetary policy cycles, benchmark interest rate hikes, and raw material volatility.
Strategic Longevity Analysis
Assessing business model defensibility, barriers to entry, and adaptability against competitive disruptions.
Our four-stage credit rating process
Une exécution rythmée par des critères stricts de qualification et de structuration financière.
Bilateral NDA & Data Collection
Execution of strict confidentiality agreements and secure transmission of certified financial records and corporate plans.
Financial Audit & Management Interviews
Normalizing EBITDA, computing HCA factors, and conducting structured executive interviews with senior management.
Risk Committee Deliberation
Running Monte Carlo stress testing, collateral haircut modeling, and formal attribution of the HCA credit notch.
Report Delivery & Presentation
Handing over the comprehensive credit rating memo, directly actionable for institutional lenders and banks.
Complementary expertise areas
Risk & Underwriting
Independent credit paper reviews and underwriting due diligence for institutional lenders.
Private Credit & Direct Lending
Structuring unitranche, mezzanine, and corporate bonds backed by verified credit ratings.
Modeling & Stress Testing
Simulating cash flow distributions and calculating precise covenant breach points.