User Manual For Version 1.0 June 2015 - Fitch Ratings
User Manual for Version 1.0June 2015
Ratings Navigator for CorporatesNavigator Interactive User ManualNavigator for Corporates is a graphical peer comparator, and forms part of aseries of similar tools being introduced across Fitch.All Navigator information is correct at the date of publication, which may predate the latest rating actions.All Navigator research and Navigator Interactive content for non-financialcorporates should be read in conjunction with Introducing Ratings Navigatorfor Corporates, November 2014, and with the industry-specific NavigatorCompanion report for the issuer’s sector, a full list of which is available atnavigator.fitchratings.comMore information on other Navigator products for Banks, Insurance, andInfrastructure are available at info.fitchratings.com/ratingsnavigatorTable of ContentsWhat Navigator Interactive Does3Using Navigator Interactive in the Web-Tool Version4Using Edit Mode4Using Create Mode8Saving to the Export Version11Using the Excel Export Version12Technical Background16I. Factor and Factor Summary Observation Calculations16II. Navigator Interactive’s ‘Operating Environment’18Subfactor: Economic Environment19Subfactor: Financial Access20Subfactor: Systemic Governance21Impact of the Operating Environment on the FSO22III. Financial Terms and Ratios27IV. Download Troubleshooter31V. Frequently Asked Questions341www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesFactorsFactor SummaryObservationShowcase PLCIssuer Data TabFactor OverrideSubfactorsImportance FlagPeer Table2www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesWhat Navigator Interactive DoesRatings Navigator for Corporates offers the next level in credit transparency.Our Navigator snapshots already provide a visual overview of key quantitative and qualitative factorsin issuers’ credit profiles. We have extended the use of this data to Navigator Interactive – a fullyinteractive graphical peer comparator tool, combining observations for sector, country, business andfinancial risks across Fitch's global rating portfolio of non-financial corporates.In Navigator Interactive, the user can:-download Navigator charts and Factor-level peer data into an interactive web-tool for Fitchrated corporates and for a selection of unrated issuers,-edit the profile of existing issuers in Navigator to reflect the user’s own view of an issuer’sprofile, including hypothetical changes to the issuer’s business and financial risks,-create a new Navigator chart for an unrated issuer, using one of more than 40 industrytemplates,-generate a Factor Summary Observation (FSO) to compare unrated and rated peers,-save and export Navigator work on a secure and fully confidential basis to a fully functionallocal Excel version.Navigator is not a criteria tool, but pulls together commonly considered factors for key industrialsectors and uses them to highlight strengths and weaknesses of issuer profiles. Navigator Interactivealso introduces the Factor Summary Observation (FSO), an electronic summary of thoseobservations. Many other considerations are included in the process of creating an actual creditrating – for more information on the FSO, consult the Technical Background section of this document.Users are advised to familiarise themselves with the brief Frequently Asked Questions section in thisdocument before working with the tool.Navigator research reports are available as part of our premium research subscription within FitchResearch. Navigator Interactive will, for a trial period, be open to professional users, with exports toExcel, at vigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesUsing Navigator Interactive in the Web-Tool VersionNavigator Interactive has two modes – EDIT mode for issuers already inside thetool, and CREATE mode, which allows you to create your own Navigator fromscratch.Using Edit ModeEDIT‘Explore and Edit’ Mode – Edit an Existing NavigatorIf you would like to explore the relative strengths and weaknesses of an issuer on itsexisting profile, or run scenarios of a change in profile, choose the Edit mode.Select IssuerEdit mode will download the Navigator sector template, plus the individual Navigatorinputs for the issuer you have chosen. In some cases, issuers whose activities spanmore than one sector will have more than one set of Navigator data. If this is thecase, you will be asked to choose which Navigator template you would like to reviewfor that issuer.Editing InputsOnce the Navigator data has loaded, you can edit the inputs, either at the Factorlevel, or at the more detailed Subfactor level.Select Factorand SubfactorEditing SubfactorsFirst, choose the Factor you would like to work on from the drop-down list. This willpull up the relevant Subfactors, each with their own pick-list by rating level. Hereyou can change the Subfactors to reflect the changes you would make in assessingthe issuer’s profile.Your changes to the Subfactor will automatically update the overall Factor level,visible on the far right. The impact of your Subfactor choices on the overall Factorlevel will also be immediately visible on the Navigator chart.4www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesEditing Factors DirectlyOver-riding aFactorChanging Subfactors will change the overall Factor level 1, but you can also overridethis calculation if you feel that one Subfactor is more dominant. To override aFactor calculation, use the overall ‘Factor Midpoint’ pick-list on the far right. Theposition of the Factor will then change on the Navigator chart. The Factor box willnow also be highlighted in red, and the ‘Subfactor Override’ box will be ticked. Toreturn to automatic Factor calculation, untick the ‘Subfactor Override’ box, and theFactor will return to automatic calculation for that Factor.Choose a FactorOverride or Set FactorReset ButtonEdit Importance FactorEdit Subfactors2‘Importance’settingFor all Factors (other than Operating Environment ), you can also select a FactorImportance level from the drop-down list. This will increase or decrease the Factor’simportance in the FSO calculation1.You can proceed in this manner for all of the individual Factors and their respectiveSubfactors. Factor levels will always recalculate, move position and change colouron the Navigator chart in real time.Checking Against PeersPeer Table1The comparable Factor and Importance levels for immediate peers are displayedbelow the Navigator chart and editing areas. You can change the number andidentity of peers using the ‘Edit Peers’ link immediately above the peer table. Notethat you can only select peers that have been entered using the same Navigatortemplate, ie in the same sector.See ‘Factor and Factor Summary Observation Calculations’2The Importance level for the ‘Operating Environment’ Factor is generated automatically by comparing the levelof the FSO with that of the Operating Environment – only if the OE is sufficiently lower than the FSO to affect theFSO calculation would the Importance level be High5www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesIf you want to review the detailed Subfactors behind any of the peer data (forexample, the Subfactors behind a peer’s ‘Financial Flexibility’ Factor), click on theFactor square within the peer table.Click for Subfactor detailResetting to Original InputsReset to FitchValuesIf you wish to return to the originally downloaded Navigator inputs set by Fitchanalysts, you can click the ‘Revert to Imported Version’ at any time (this will reset allfactors and peers to their originally imported settings).Saving Your WorkSaving to ExcelFor confidentiality reasons, your work on Navigator can only be saved into a localversion of Navigator, generated in Excel (see the ‘Excel Export version’ below). Youcan continue to edit and review all your work and generate Navigator charts on thisExport version, but you cannot re-import data to the web-based Navigator tool atany stage.Save by Exporting to ExcelExport ShortcutTip: To export a final chart quickly in soft copy (e.g. for use in Powerpointpresentations or e-mails), you can also simply use the image capture tool on yourcomputer (‘Snipping Tool’ in Windows, Command Shift 4 in OS X) to copyand paste the chart area for export to another document.6www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesProblems withDownloadIf the export does not follow automatically, you may be asked to accept a pop-up.This is easily done on most browsers – the below example is from Chrome. If youexperience further problems, please consult the Download Troubleshooter appendixbelow:Pop-up Blocker Flag7www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesUsing Create ModeCREATE‘Create’ Mode – Create a New NavigatorTo create a Navigator chart for an entity for which no data is held by Fitch, choosethe ‘Create a Navigator’ option on the home screen.Select IndustryYou will be asked to pick a Navigator sector template to use, and then be asked toenter the name of the issuer.Issuer Name HereSelect CountryYou MUST enter a country for the issuer, by clicking on the ‘Additional IssuerInformation’ tab to the left, and select a country. You will find the Navigator easier touse if you choose the functional country of incorporation 3.If you do not enter a country, the Navigator will not export to Excel.Creating Using SubfactorsSelect Factorand SubfactorAs with ‘Edit’ mode, you should select a Factor from the drop-down list, and seteach Subfactor to match your view of the issuer. No bars will appear on theNavigator chart until you have made your first entry for each Factor. As soon asNavigator has calculated a Factor, that Factor’s chart-bar will be generated andplaced on the chart. The final FSO will not be generated until all Factors have beenentered – after that point, it will recalculate and move in real time, as with Edit mode.3For example, you will have fewer adjustments to make to the Operating Environment factor if you enter, forexample, a substantively Brazilian, Russian or Chinese company registered in Luxembourg or the CaymanIslands, as Brazilian, Russian or Chinese within the Navigator.8www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesCreating Using Factors OnlyOver-riding aFactorFor faster entry, you can enter and edit Navigator at the overall Factor level instead.As in ‘Edit’ mode, use the ‘Factor Midpoint’ pick-list on the far right. You can alsouse this pick-list to override any Subfactors you have entered. The position of theFactor will then change on the Navigator chart, as will the level used for the FactorSummary Observation calculation. The Factor box will also be highlighted in red,and the ‘Subfactor Override’ box will be ticked. To return to automatic Factorcalculation, untick the ‘Subfactor Override’ box, and the Factor will return toautomatic calculation.Operating EnvironmentOperatingEnvironment(shortcut fordevelopedmarkets)Creating an Operating Environment level requires some preparatory work to definethe three Subfactors, Economic Environment, Financial Access and SystemicGovernance. More detail is contained in Technical Background section 2: OperatingEnvironment. Alternatively, a simplified entry approach is available once theNavigator has been saved to Excel – see Using Navigator in the Excel ExportVersion.As a shortcut, users comparing issuers in predominantly developed markets canopt to simply set the OE at ‘aa’ using ‘Override’. We recommend that userscomparing issuers active in emerging markets view the Appendix below beforeconsidering whether or not to override either in the web tool or the Excel export.Selecting Importance‘Importance’settingFor all Factors other than Operating Environment, you MUST also select a FactorImportance level from the drop-down list. This will increase or decrease the Factor’simportance in the FSO calculation1. The Importance level for the ‘OperatingEnvironment’ Factor is generated automatically by comparing the level of the FSOwith that of the Operating Environment – only if the OE is sufficiently lower than theFSO to affect the FSO calculation would the Importance level be High. The colourof the OE bar will indicate automatically whether it is affecting the FSO (red forHigh), close to the FSO (dark blue for Moderate) or irrelevant for the FSO (light bluefor Low).You can proceed in this manner for all Factors and their respective Subfactors.Factor levels will recalculate, move position and change colour on the Navigatorchart in real time.If you do not select Importance levels on each, Navigator will not export to Excel.Checking Against PeersPeer TableTo help you select relevant Factor and Importance levels, the comparable Factorand Importance levels for immediate peers are displayed below the Navigator chartand editing areas. You can change the number and identity of peers using the ‘EditPeers’ link immediately above the peer table. You can only select peers that havebeen entered in the same Navigator template.9www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesIf you want to review the detailed Subfactors behind any of the peer data (forexample, the Subfactors behind a peer’s “Financial Flexibility” Factor), click on theFactor level within the peer table.ResetResetClicking on ‘Revert to Imported Version’ in ‘Create’ mode will take your Navigatorback to the blank sector template with which you started, and erase all your entries.Saving Your WorkSaving to ExcelFor confidentiality reasons, your work on Navigator can only be saved into a localversion of Navigator, generated in Excel (see the ‘Excel Export version’ below). Youcan continue to edit and review all your work and generate Navigator charts on thisExport version, but you cannot re-import data to the web-based Navigator tool atany stage.Save by Exporting to ExcelIn ‘Create’ mode, you MUST select both a country of incorporation and anImportance level for each factor, or the Navigator will NOT export.Problems withDownloadIf the export does not follow automatically, you may be asked to accept a pop-up.This is easily done on most browsers – the below example is from Chrome. If youexperience further problems, please consult the Download Troubleshooter appendixbelow:Pop-up Blocker FlagExport ShortcutTip: To export a final chart quickly in soft copy (e.g. for use in Powerpointpresentations or e-mails), you can also simply use the image capture tool on yourcomputer (‘Snipping Tool’ in Windows, Command Shift 4 in OS X) to copyand paste the chart area for export to another document.10www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesSaving to the Export VersionSave or Export with Edit RightsIf you wish to carry out any further work on the Navigator once your session on theweb-based tool is over, you must save/export it to a portable Excel version (the‘Excel Export version’ or ‘EEV’). Use this where you wish to continue work on aNavigator over multiple sessions, or to share an editable version with a colleaguewithin your institution.Save by Exporting to ExcelSaving to ExcelTo create an Export version, click on ‘Save/Export’. You will be asked which peersyou wish to download as part of the export. You can choose between the peersselected and visible in the web-based tool, or additional names from among all thepeers held by Fitch in its database. Be aware that clicking ‘Select All’ will show avery large number of peers for most industries.In ‘Create’ mode, you MUST select both a country of incorporation and anImportance level for each factor, or the Navigator will NOT export.Problems withDownloadIf the export does not follow automatically, you may be asked to accept a pop-up.This is easily done on most browsers – the below example is from Chrome. If youexperience further problems, please consult the Download Troubleshooter appendixbelow:Pop-up Blocker Flag11www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesUsing the Excel Export VersionYou can edit the Excel Export Version (EEV) in broadly the same way as the webbased tool.Excel Export Version StructureThe EEV consist of five sheets – the Summary and Navigation page, the FactorDetails editing page, two sets of Peer Details pages, and a Help page.Summary & NavigationFactor Details/EditingPeer DetailsSummary and Navigation PageThe Summary and Navigation page contains the Navigator chart, the Factorselection box and the main Peer table. It has three main functions – Printing,Editing Navigation and Peer Selection.Tip: Pressing Ctrl F1 will suppress the Excel command ribbon to give you morescreen space to work with the tool.Function 1 - PrintingPrinting from here will give provide a Navigator chart, an FSO and a Peer table.Printing aNavigatorTo print a Navigator Summary, simply select your print dialogue using your normalExcel shortcuts (e.g. Ctrl P). The page is pre-formatted for printing to PDF or hardcopy on a single sheet.12www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesFunction 2 – Choosing Factors to EditPicking a Factor to Edit is as simple as selecting the Factor from the pick-list on theleft-hand side of the Summary and Navigation sheet, and then clicking on the link toeither edit the Factor/Subfactors or select an Importance value. This will take you tothe EEV Editing page.EditingSelect ‘Edit Factor’ HereSelect Factor HereSelect ‘Change Importance’ HereFunction 3 - Peer SelectionAll the Peers imported from the web tool are visible in the summary peer table. Toincrease or decrease the number of peers chosen on the Peer Details page, deletethe tick mark alongside the peer. To re-select the peer, re-enter a tick alongside thepeer by typing an upper-case ‘P’.De-select/Re-select Peer HereNote that de-selected peers will remain in the table on the Summary and Navigationpage, and that you can only select/de-select peers that were originally imported to theEEV. You cannot import additional peers into the EEV once the EEV has beencreated.13www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesEEV Editing PageEditing Subfactors and Factors in the EEV is very similar to the process in the webtool. The link on the Summary and Navigation page, selected as noted above, willtake you to the relevant lines in the Factor Details editing page, from which you caneither choose/edit individual Subfactors, or choose/edit at the overall Factor level.We have employed a split screen on this page, so that a miniature version of theNavigator chart in the top half of the page allows you to keep track of how your editsare affecting the main Navigator chart, and the FSO.Summary Chart,Updates in Real TimeEdit Factor Directly HereEdit Importance Level HereEdit Subfactors HereCurrent Factor Midpoint(calculated)Note that each Factor must have a value, and each Factor must also be assignedan Importance level, before an FSO will be generated.14www.fitchratings.comNavigator Interactive For Corporates v1.0 June 2015
Ratings Navigator for CorporatesPeer Details PagesThe EEV also allows you to review and export the detailed Factor and Subfactorlevel values in your tool for every peer you have imported. We have provided twoseparate Peer Details pages1. Peer Details with Levels reports the Subfactor level (eg ‘aa’ or ‘bbb ’) andits Importance level. This Peer page will show the imported va
Using Create Mode ‘Create’ Mode –CREATE Create a New Navigator . To create a Navigator chart for an entity for which no data is held by Fitch, choose the ‘Create a Navigator’ option on the home screen. You will be asked to pick a Navigator sector template to use, and then be asked to enter the name of the issuer.
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