Chapter 552: Chapter 463: The Three Major Rating Agencies
When Mirabeau saw the industrial data of different types gathered on a single chart for the past year, clearly showing the trend of changes, he was instantly enlightened.
“Your Highness, how did you think of using this thod? It’s truly magical!” He flipped through the various statistical charts, unable to tear himself away. “Looking at these charts, it only takes a few minutes to understand the industrial situation of the last year.”
And yet he had just explained it for nearly an hour.
tical charts so frequently before, he subconsciously thought nothing special of them. Mirabeau was right, such a minor technique could greatly enhance managent efficiency, almost equivalent to the 18th century’s Excel.
Joseph imdiately nodded to Mirabeau, “Please organize so scholars to help compile the chart statistics into a manual, and print it in large quantities. As for how to teach the managers…”
Mirabeau instantly interrupted, “Your Highness, we could incorporate this statistical thod into the standardized production system, and have it taught by Monsieur Laisonne’s managent consulting firm.”
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Joseph nodded. These things, which seem so simple in future generations, indeed required a professional company to promote in the 18th century. Just like in the early 21st century, one would need to take a class to learn how to create Excel charts.
duction standards could be given a higher rating. Although the ratings themselves would not generate profit, they exemplified the company’s strength. Whether investors or consurs, they would definitely choose companies with higher ratings more often. High-rated companies would also find it easier to pass bank loan approvals.
Moreover, he could use the rating standards to guide the developnt direction of companies. Even once the rating agency’s influence was substantial, they could follow the Western practice of later generations and launch a “sovereign credit rating” service.
The so-called sovereign credit rating was an assessnt of the credit quality of a nation or region, including aspects like national governance, economic performance, policy level, social structure, and governnt financial strength, among others.
It was well known that in later generations, those three major rating agencies had trendous influence; rely giving a country a lower sovereign rating could frighten away foreign investnts, and in severe cases, even trigger an economic crisis in that country!
Once the rating agency was established, it would be like adding an economic weapon to France’s arsenal. If anyone dared to go to war with France, they would first face a series of sovereign rating downgrades. Even if it couldn’t collapse the opponent’s national debt, it would at least raise their financing costs and greatly increase their military spending pressure.
So, who would be the best candidate to handle establishing the rating agency?
Joseph pondered, concluding that it definitely should not bear the color of the French Governnt to appear objective and independent.
Laisonne’s consulting firm was quite suitable; for the promotion of standardized production, its staff had already exceeded a thousand people, surely capable of splitting off so to establish a rating agency.
Then, the French Chamber of Comrce would co forward to collaborate with major banks to establish a rating agency.
Additionally, one should be established in France’s allies. After all, to carry out sovereign ratings of other countries, if all rating agencies were French, it would inevitably make so countries perceive manipulation.
However, no matter who led their establishnt, whether they were located in France or abroad, he must firmly hold the control of these rating agencies in his own hands.
For Laisonne’s company, there was no need to say, as it was initially created to promote standardized production, and the founding capital was his own. Naturally, he would hold controlling stakes in the split-off rating agency.
is is also one of the main topics I intended to report to you today.
“The montum of industrial developnt indeed shows a slowing trend, mainly due to two factors.
“First is the lack of investnt. After investing in the Luxembourg iron mines, there wasn’t much money left in the accounts of the Industrial Developnt Fund. As for investors interested in industry, most had completed their investnts in the first half of the year, and so later entered the coal mines in the Southern Netherlands, with new investors becoming increasingly scarce.”
The Minister of Industry paused for a mont, then continued, “Second is the insufficient rate of return on industrial investnts, which has also resulted in new investors remaining in a wait-and-see state.”
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