Hess Selects Rapid Ratings for Vendor Oversight

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Hess Selects Rapid Ratings for Vendor Oversight

10/16/2008
NEW YORK -- In an effort to measure corporate counterparty risk exposures, Hess Corp. selected Rapid Ratings International Inc.’s Rapid Ratings’ suite.

"Rapid Ratings offers a unique capability—risk management tools for our counterparty exposures that rate public and private companies on the same basis," Greg Cortez, director of Credit Risk Control for Hess Corp., said in a statement. "The Rapid Ratings service is a highly useful tool for analyzing counterparty risk and increasing our competitive advantage. In today’s volatile credit environment, where risk management is even more crucial to profitability, we believe Rapid Ratings will be a valuable addition to our current process."

Under the agreement, Hess will employ Rapid Ratings’ Financial Health Ratings to evaluate and manage the risks associated with hundreds of the company’s public and private vendors.

"Hess is a leader in managing risk, and we believe the company represents a new breed of risk management that looks for deep insight into the companies with which they do business," said James H. Gellert, chairman of chief executive officer of Rapid Ratings. "Given the current climate of increased uncertainty and weakened confidence, relying on the large rating agencies and unreliable default tools that incorporate market pricing is too risky. Smart operators in the market demand better tools. The FHR methodology meets this need by telling businesses whom they can trust."