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Trusted by 40% of Fortune 1000
Valley Cottage, New York – CreditRiskMonitor (OTCQX: CRMZ) today announced a new licensing agreement with Morningstar Credit Ratings, LLC, a nationally recognized statistical rating organization (NRSRO) and a subsidiary of Morningstar, Inc. (NASDAQ: MORN). Morningstar Credit Ratings offers a wide array of services including new-issue ratings and analysis, operational risk assessments, surveillance services, data and technology solutions.
“We’re pleased to be adding Morningstar Credit Ratings’ issuer credit ratings and news into our platform for subscribers at no additional cost,” said CreditRiskMonitor CEO Jerry Flum. “This new data from Morningstar Credit Ratings augments our offering, which includes our highly accurate and proprietary FRISK® and PAYCE® Scores, as well as Fitch, Moody’s and DBRS’ issuer credit ratings. We continue to make value-added investments to our service so our subscribers have the best financial risk assessment tools out there.”
“We’re excited about including our corporate and financial institution issuer ratings on the CreditRiskMonitor platform,” said Brian Grow, president of Morningstar Credit Ratings. “Over the past several years, investors have come to rely on our ratings and analysis. The transparency and unique forward-looking perspective included in our research and ratings will bring value to the CreditRiskMonitor client experience. We look forward to a long and productive partnership.”
CreditRiskMonitor continually invests in cutting-edge technologies to improve the accuracy of its predictive scoring methods. In partnering with Morningstar Credit Ratings, CreditRiskMonitor incorporates a leading provider of credit ratings and credit risk analysis in the U.S.
Overview
CreditRiskMonitor.com, Inc. (creditriskmonitor.com) sells a suite of web-based, SaaS subscription products providing access to comprehensive commercial credit reports, bankruptcy risk analytics, financial and payment information, and curated news on public and private companies worldwide. Our primary SaaS subscription products for analyzing commercial financial risk are CreditRiskMonitor® and SupplyChainMonitor™. These products help corporate credit and procurement professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively. Our subscribers include nearly 40% of the Fortune 1000 and well over a thousand other large corporations worldwide.
To help subscribers prioritize and monitor counterparty financial risk, our SaaS platforms offer the proprietary FRISK® and PAYCE® Scores as well as the FAST Rating, the well-known Altman Z”-Score, agency ratings from key Nationally Recognized Statistical Rating Organizations (“NRSROs”), curated news, and detailed financial spreads & ratios. Our FRISK® and PAYCE® Scores are financial distress classification models that measure a business’s probability of bankruptcy within a year. The FRISK® score also includes a risk signal based on the aggregate research behaviors of our subscribers, who control counterparty access to trade credit at some of the most sophisticated companies in the world. The inclusion of this risk signal boosts the overall accuracy of this bankruptcy analytic by lowering the false positive rate for the riskiest corporations.
Through its Trade Contributor Program, the Company receives monthly confidential accounts receivables data from hundreds of subscribers and non-subscribers, which it parses, processes, aggregates, and reports to summarize the invoice payment behavior of B2B counterparties without disclosing the specific contributors of this information. The size of the Trade Contributor Program’s current annualized trade credit transaction data is approximately $3 trillion.
Safe Harbor Statement
Certain statements in this press release, including statements prefaced by the words “anticipates”, “estimates”, “believes”, “expects” or words of similar meaning, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include details of the accounting restatement, the expected impact of the accounting restatement and the remediation of the related material weakness in internal control over financial reporting. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, expectations or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, those risks, uncertainties and factors referenced from time to time as “risk factors” or otherwise in the Company’s Registration Statements or Securities and Exchange Commission Reports. There can be no assurance that (i) the consequences of the Company’s restated results will be as anticipated above and (ii) the Company will be able to promptly and efficiently implement the appropriate remediation steps into its financial reporting. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.
Contact
CreditRiskMonitor.com, Inc.
Mike Flum, Chief Executive Officer
(845) 230-3037
ir@creditriskmonitor.com
