Complexity and Resistance to Shocks Ratings · Resistance-to-Shocks Ratings A novel rating system,...

Universal Ratings Pte. Ltd.

Resistance-to-Shocks Ratings A novel rating system, engineered specifically for turbulence and shocks

RtS Ratings of S&P, Dow Jones & NASDAQ-listed companies

Q3 2016

Date of issue: March, 2017

Universal Ratings Pte. Ltd. 190 Middle Road #13-01, Fortune Centre, Singapore 188979

www.universal-ratings.com

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Disclaimer

Resistance to Shocks (RtS) rating assists businesses in helping them understand the fragilities they face. It does not address every potential

risk scenario or every risk factor which affects or may affect a business and is not meant to be, and should not be used as, a substitute for

sound business judgement.

All users of our ratings must consider results in the context of their specific business and business conditions and discuss the implications

of those results and the steps to be taken based on those results, if necessary, with appropriate professional advisers. All users of our

rating do so at their own risk.

Neither Universal Ratings nor any of its subsidiaries or affiliates make any representations or warranties, express or implied, regarding the

completeness, accuracy or timeliness of any rating. It should not be assumed that any risk or risk level indicated by a rating will remain the

same for any period of time and neither Universal Ratings nor any of its subsidiaries or affiliates undertake any obligation to correct or

update its ratings.

Neither Universal Ratings nor any of its subsidiaries or affiliates assume any responsibility for any indirect, special or consequential

damages that may result to any party from the use, misuse of ratings or reliance on its risk ratings or assessments, including but not

limited to use contrary to national or international law, decisions taken with respect to third parties and the inability to conduct business.

The rating does not constitute advice regarding the value of any security and any results of rating should not be taken as investment

advice or a recommendation to buy or sell any security or enter into or execute any type of business arrangement or investment. The

result of a rating analysis may not be re-sold in any form or manner whatsoever.

http://www.universal-ratings.com/



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Introduction

The Probability of Default (PoD) of a company is the central concept behind a conventional rating.

Ratings constitute a fundamental link between the markets and investors. Their importance cannot be

overstated. However, traditional ratings, according to the Credit Rating Agencies themselves, are

merely opinions. The process of computation of a Probability of Default of a company is not only

subjective, it lacks transparency and, given the fact that it is not a strictly scientific process, it may be

manipulated, leading to issues such as conflicts of interest and fraud.

The Big Three rating agencies have been providing ratings since the beginning of the 20-th century.

The world was very different then. Traditional ratings have become dangerously outdated and, most

importantly, not suited for a turbulent economy. As the complexity of the economy grows,

conventional ratings produce results of increasing irrelevance. Mathematically correct but irrelevant.

This has become apparent in 2007 when Credit Rating Agencies have misled investors and

contributed significantly to the economy meltdown. The new rating concept introduced by Universal

Ratings has been engineered specifically for turbulence and a fast economy dominated by shocks,

bubbles and instability. Markets are not efficient. In Nature there is no such thing as equilibrium.

Conventional ratings will surely continue to be used in the foreseeable future. However, in order to

provide investors with new knowledge and insights we propose a novel, objective complexity and

resilience-based rating. Increasing complexity is, with all likelihood, the most evident and dramatic

characteristic of the economy. It is also the hallmark of our times. Resilience is the capacity to

withstand shocks and is a measurable physical quantity. A resilience-based rating is applicable to

companies, stocks, portfolios, and funds, systems of companies or national economies. In our

turbulent economy, which is fast, uncertain and highly interdependent, extreme and sudden events

are becoming quite common. Such events will become more frequent and intense, exposing fragile

businesses to apparently unrelated events originating thousands of kilometers away. This mandates

that companies and investors focus not just on performance but also on resilience, building less

complex, less fragile businesses. Resilience means survival and sustainability. But most importantly,

our resilience-based ratings are science, not opinions.

Resistance to Shocks (RtS) is measured on a scale from 0% to 100%. Values close to 100% denote high

stability and ability to absorb turbulence and shocks. Low values, on the other hand, reflect

vulnerability which may affect long-term sustainability.

The present report provides Resistance to Shocks measures for approximately 500 companies listed

on the S&P, the Dow and the NASDAQ. Information is presented in alphabetical order. The analyses

have been based on quarterly Standardized Balance Sheets.

RtS rating reports are published on a quarterly basis.




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Company Ticker Resistance to Shocks

3M Co MMM UN 69%

Abbott Laboratories ABT UN 63%

Accenture PLC ACN UN 61%

Acuity Brands Inc AYI UN 77%

Adidas AG ADS GY 63%

Adobe Systems Inc ADBE UW 74%

Advance Auto Parts Inc AAP UN 78%

Aegon NV AGN NA 81%

AES Corp_VA AES UN 66%

Aetna Inc AET UN 70%

Affiliated Managers Group Inc AMG UN 68%

Aflac Inc AFL UN 68%

Agilent Technologies Inc A UN 87%

Airbus SE AIR FP 74%

Akamai Technologies Inc AKAM UW 70%

Alaska Air Group Inc ALK UN 72%

Albemarle Corp ALB UN 83%

Alcoa Corp AA UN 90%

Alexion Pharmaceuticals Inc ALXN UW 81%

Allergan PLC AGN UN 77%

Alliance Data Systems Corp ADS UN 75%

Allianz SE ALV GY 73%

Allstate Corp_The ALL UN 71%

Alpha Bank AE ALPHA GA 72%

Alphabet Inc GOOGL US 71%

Alphabet Inc GOOGL UW 71%

Altria Group Inc MO UN 69%

Amazon.com Inc AMZN UW 71%

American Airlines Group Inc AAL UW 66%

American Express Co AXP UN 67%

American International Group Inc AIG UN 57%

Ameriprise Financial Inc AMP UN 73%

AmerisourceBergen Corp ABC UN 75%

AMETEK Inc AME UN 65%

Amgen Inc AMGN UW 65%

Amphenol Corp APH UN 71%

Anadarko Petroleum Corp APC UN 69%

Analog Devices Inc ADI UW 70%

Anthem Inc ANTM UN 67%

Apache Corp APA UN 76%

Apartment Investment & Management Co AIV UN 68%

Apple Inc AAPL US 72%

Applied Materials Inc AMAT UW 73%




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ArcelorMittal MT NA 69%

Archer-Daniels-Midland Co ADM UN 68%

Arthur J Gallagher & Co AJG UN 78%

Ascendas Real Estate Investment Trust AREIT SP 80%

ASML Holding NV ASML NA 71%

Assurant Inc AIZ UN 67%

Autodesk Inc ADSK UW 71%

Automatic Data Processing Inc ADP UW 72%

AutoNation Inc AN UN 75%

AutoZone Inc AZO UN 71%

AvalonBay Communities Inc AVB UN 71%

Avery Dennison Corp AVY UN 64%

Avon Products Inc AVP US 71%

Baidu Inc BIDU UW 78%

Baker Hughes Inc BHI UN 78%

Ball Corp BLL UN 91%

Banco Bilbao Vizcaya Argentaria SA BBVA SQ 78%

Banco Comercial Portugues SA BCP PL 63%

Banco Popular Espanol SA POP SM 66%

Banco Santander SA SAN SQ 78%

Bank of America Corp BAC UN 65%

Bank of New York Mellon Corp-The BK UN 73%

BASF SE BAS GY 62%

Bayer AG BAYN GY 77%

Bayerische Motoren Werke AG BMW GY 71%

BB&T Corp BBT UN 78%

Becton Dickinson and Co BDX UN 87%

Bed Bath & Beyond Inc BBBY UW 68%

Berkshire Hathaway Inc BRK-A US 74%

Best Buy Co Inc BBY UN 66%

Biogen Inc BIIB UW 77%

BioMarin Pharmaceutical Inc BMRN UW 73%

BlackBerry Ltd BBRY UW 72%

BlackRock Inc BLK UN 69%

Boeing Co-The BA UN 71%

BorgWarner Inc BWA UN 79%

Boston Properties Inc BXP UN 71%

Boston Scientific Corp BSX UN 65%

BPER Banca BPE IM 70%

Bristol-Myers Squibb Co BMY UN 66%

Brown-Forman Corp BF-B UN 72%

CA Inc CA UW 65%

Cabot Oil & Gas Corp COG UN 68%

Cadence Design Systems Inc CDNS UW 69%

Campbell Soup Co CPB UN 67%

Capital One Financial Corp COF UN 74%




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CapitaLand Commercial Trust CCT SP 91%

Cardinal Health Inc CAH UN 77%

CarMax Inc KMX UN 72%

Carnival Corp CCL UN 64%

Caterpillar Inc CAT UN 68%

CBRE Group Inc CBG UN 75%

CBS Corp CBS UN 75%

Celgene Corp CELG UW 80%

Centene Corp CNC UN 95%

CenturyLink Inc CTL UN 75%

Cerner Corp CERN UW 82%

CF Industries Holdings Inc CF UN 74%

CH Robinson Worldwide Inc CHRW UW 69%

Check Point Software Technologies Ltd CHKP UW 73%

Chesapeake Energy Corp CHK US 75%

Chevron Corp CVX US 68%

Chipotle Mexican Grill Inc CMG UN 65%

Chubb Ltd CB UN 94%

Church & Dwight Co Inc CHD UN 65%

Cigna Corp CI UN 70%

Cincinnati Financial Corp CINF UW 67%

Cintas Corp CTAS UW 71%

Cisco Systems Inc CSCO US 63%

Citigroup Inc C UN 67%

Citrix Systems Inc CTXS UW 60%

Coach Inc COH UN 75%

Coca-Cola Co_The KO UN 64%

Cognizant Technology Solutions Corp CTSH UW 76%

Comcast Corp CMCSA UW 74%

Comcast Corp CMCSK UW 74%

ComfortDelGro Corp Ltd CD SP 70%

Community Health Systems Inc CYH US 83%

Conagra Brands Inc CAG UN 75%

ConocoPhillips COP UN 68%

Cooper Cos Inc_The COO UN 78%

Corning Inc GLW UN 66%

Costco Wholesale Corp COST UW 66%

CR Bard Inc BCR UN 65%

Credit Suisse Group AG CSGN VX 69%

CSX Corp CSX UW 69%

Ctrip.com International Ltd CTRP UW 84%

Cummins Inc CMI UN 63%

CVS Health Corp CVS UN 81%

Daimler AG DAI GY 67%

Danaher Corp DHR UN 79%

DaVita Inc DVA US 68%




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Deere & Co DE UN 66%

DENTSPLY SIRONA Inc XRAY UW 91%

Deutsche Boerse AG 63DU GY 66%

Deutsche Post AG DPW GY 67%

Deutsche Telekom AG DTE GY 67%

Devon Energy Corp DVN US 68%

Digital Realty Trust Inc DLR UN 80%

Discover Financial Services DFS UN 72%

Discovery Communications Inc DISCA UW 65%

DISH Network Corp DISH UW 73%

Dollar General Corp DG UN 62%

Dollar Tree Inc DLTR UW 91%

Dover Corp DOV UN 67%

Dow Chemical CoThe DOW US 67%

DR Horton Inc DHI UN 74%

DunBradstreet Corp_The DNB UN 69%

E.ON SE EOAN GY 75%

Eastman Chemical Co EMN US 75%

Eaton Corp PLC ETN US 71%

Ecolab Inc ECL US 70%

Edwards Lifesciences Corp EW US 72%

EI du Pont de Nemours & Co DD UN 72%

Electronic Arts Inc EA UW 66%

Eli Lilly & Co LLY UN 75%

Emerson Electric Co EMR US 75%

Endo International PLC ENDP UW 76%

Enel SpA ENEL IM 68%

Eni SpA ENI IM 75%

EOG Resources Inc EOG US 75%

EQT Corp EQT US 64%

Equinix Inc EQIX UW 86%

Equity Residential EQR US 86%

Essex Property Trust Inc ESS US 93%

Estee Lauder Cos IncThe EL US 71%

E-TRADE Financial Corp ETFC US 68%

Eurobank Ergasias SA EUROB GA 70%

Expedia Inc EXPE UW 76%

Expeditors International of Washington Inc EXPD UW 64%

Express Scripts Holding Co ESRX UW 67%

Extra Space Storage Inc EXR US 88%

Exxon Mobil Corp XOM UN 63%

F5 Networks Inc FFIV UW 70%

Fastenal Co FAST UW 72%

Federal Realty Investment Trust FRT US 74%

FedEx Corp FDX US 75%

Fidelity National Information Services Inc FIS UN 88%




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Fifth Third Bancorp FITB US 68%

First Solar Inc FSLR UW 68%

Fiserv Inc FISV UW 68%

Flex Ltd FLEX UW 69%

FLIR Systems Inc FLIR UW 67%

Flowserve Corp FLS US 73%

Fluor Corp FLR UN 70%

FMC Corp FMC US 75%

Foot Locker Inc FL UN 71%

Ford Motor Co F UN 74%

Fossil Group Inc FOSL UW 67%

Franklin Resources Inc BEN UN 74%

Freeport-McMoRan Inc FCX US 70%

Fresenius SE & Co KGaA FRE GY 72%

Frontier Communications Corp FTR US 80%

Gap IncThe GPS UN 74%

Garmin Ltd GRMN UW 66%

General Dynamics Corp GD UN 67%

General Electric Co GE UN 78%

General Mills Inc GIS UN 64%

Genting Singapore PLC GENS SP 73%

Genuine Parts Co GPC UN 61%

Genworth Financial Inc GNW US 64%

GGP Inc GGP UN 76%

Gilead Sciences Inc GILD UW 70%

GL Ltd GLL SP 76%

Global Payments Inc GPN UN 93%

Golden Agri-Resources Ltd GGR SP 80%

Goldman Sachs Group Inc-The GS US 70%

Goodyear Tire Rubber CoThe GT UW 70%

Great Eastern Holdings Ltd GE SP 66%

Halliburton Co HAL UN 68%

Hanesbrands Inc HBI UN 67%

Harley-Davidson Inc HOG UN 69%

Harman International Industries Inc HAR UN 76%

Harris Corp HRS UN 88%

Hartford Financial Services Group IncThe HIG UN 72%

Hasbro Inc HAS UW 62%

Haw Par Corp Ltd HPAR SP 69%

HCP Inc HCP UN 74%

Henry Schein Inc HSIC UW 66%

Hershey CoThe HSY UN 68%

Hess Corp HES UN 71%

Home Depot Inc-The HD UN 66%

Honeywell International Inc HON UN 73%

Hormel Foods Corp HRL UN 71%




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Host Hotels & Resorts Inc HST UN 66%

Hovnanian Enterprises Inc HOV US 74%

HP Inc HPQ UN 88%

HR Block Inc HRB UN 72%

Humana Inc HUM UN 67%

Hyflux Ltd HYF SP 72%

IAC_InterActiveCorp IAC UW 69%

IDEXX Laboratories Inc IDXX UW 70%

Illinois Tool Works Inc ITW UN 74%

Illumina Inc ILMN UW 68%

Incyte Corp INCY UW 75%

Industria de Diseno Textil SA ITX SQ 67%

ING Groep NV INGA NA 72%

Ingersoll-Rand PLC IR UN 66%

Intel Corp INTC UW 75%

Intercontinental Exchange Inc ICE UN 75%

International Business Machines Corp IBM UN 66%

International Flavors & Fragrances Inc IFF UN 73%

International Paper Co IP UN 72%

Interpublic Group of Cos IncThe IPG UN 74%

Intesa Sanpaolo SpA ISP IM 68%

Intuit Inc INTU UW 62%

Intuitive Surgical Inc ISRG UW 69%

Iron Mountain Inc IRM UN 89%

Jacobs Engineering Group Inc JEC UN 69%

Jardine Cycle & Carriage Ltd JCNC SP 65%

JB Hunt Transport Services Inc JBHT UW 69%

JC Penney Co Inc JCP US 64%

Johnson & Johnson JNJ UN 63%

Johnson Controls International plc JCI UN 96%

Joy Global Inc JOY UW 79%

JPMorgan Chase & Co JPM UN 70%

Juniper Networks Inc JNPR UN 71%

Kansas City Southern KSU UN 64%

Kazkommertsbank JSC KKGB KZ 79%

Kellogg Co K UN 69%

Keppel Corp Ltd KEP SP 67%

KeyCorp KEY UN 91%

Kimberly-Clark Corp KMB UN 83%

Kimco Realty Corp KIM UN 77%

KLA-Tencor Corp KLAC UW 76%

Kohl's Corp KSS UN 70%

Koninklijke Ahold Delhaize NV AD NA 92%

Koninklijke Philips NV PHIA NA 71%

Kroger CoThe KR UN 68%

L Brands Inc LB UN 75%




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L3 Technologies Inc LLL UN 71%

Laboratory Corp of America Holdings LH UN 90%

Lam Research Corp LRCX UW 72%

Lamar Advertising Co LAMR UW 79%

Leggett & Platt Inc LEG UN 65%

Lennar Corp LEN UN 71%

Leucadia National Corp LUK UN 64%

Level 3 Communications Inc LVLT UN 81%

Liberty Global PLC LBTYA UW 64%

Lincoln National Corp LNC UN 62%

Linear Technology Corp LLTC UW 68%

LKQ Corp LKQ UW 83%

Lockheed Martin Corp LMT UN 79%

Loews Corp L UN 58%

Logitech International SA LOGI UW 67%

Lowe's Cos Inc LOW UN 74%

M&T Bank Corp MTB UN 82%

M1 Ltd_Singapore M1 SP 65%

Macerich CoThe MAC UN 79%

Macy's Inc M UN 68%

Marathon Oil Corp MRO UN 67%

Marriott International Inc_MD MAR UW 92%

Marsh & McLennan Cos Inc MMC UN 73%

Martin Marietta Materials Inc MLM UN 91%

Marvell Technology Group Ltd MRVL UW 64%

Masco Corp MAS UN 70%

Mastercard Inc MA UN 67%

Mattel Inc MAT UW 63%

Maxim Integrated Products Inc MXIM UW 72%

MBIA Inc MBI US 72%

McCormick & Co IncMD MKC UN 63%

McDonald's Corp MCD UN 67%

McKesson Corp MCK UN 75%

Medtronic PLC MDT UN 88%

Merck and Co Inc MRK UN 69%

MetLife Inc MET UN 58%

Microchip Technology Inc MCHP UW 81%

Micron Technology Inc MU UW 66%

Microsoft Corp MSFT US 65%

Microsoft Corp MSFT UW 65%

Mid-America Apartment Communities Inc MAA UN 64%

Millicom International Cellular SA MIICF UW 68%

Mohawk Industries Inc MHK UN 78%

Mondelez International Inc MDLZ US 71%

Monsanto Co MON UN 68%

Monster Beverage Corp MNST US 78%




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Monster Worldwide Inc MWW UW 69%

Mosaic CoThe MOS UN 66%

Motorola Solutions Inc MSI UN 76%

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen MUV2 GY 62%

Mylan NV MYL UW 76%

Nasdaq Inc NDAQ UW 71%

National Bank of Greece SA ETE GA 79%

National Oilwell Varco Inc NOV UN 75%

NetApp Inc NTAP UW 71%

NetEase Inc NTES UW 77%

Netflix Inc NFLX UW 77%

Newell Brands Inc NWL UN 93%

Newfield Exploration Co NFX UN 76%

Newmont Mining Corp NEM UN 63%

NII Holdings Inc NIHD US 80%

NIKE Inc NKE UN 64%

Noble Corp plc NE US 77%

Noble Group Ltd NOBL SP 67%

Nokia OYJ NOKIA FH 86%

Nordstrom Inc JWN UN 74%

Norfolk Southern Corp NSC UN 68%

Northern Trust Corp NTRS UW 69%

Northrop Grumman Corp NOC UN 75%

Novartis AG NOVN VX 73%

NRG Energy Inc NRG UN 71%

NRG Energy Inc NRG US 71%

Nuance Communications Inc NUAN UW 64%

Nucor Corp NUE UN 70%

NVIDIA Corp NVDA UW 73%

Occidental Petroleum Corp OXY UN 70%

Olam International Ltd OLAM SP 73%

Omnicom Group Inc OMC UN 63%

ONEOK Inc OKE UN 70%

Oracle Corp ORCL UW 68%

O'Reilly Automotive Inc ORLY UW 72%

Oversea-Chinese Banking Corp Ltd OCBC SP 81%

PACCAR Inc PCAR UW 60%

Patterson Cos Inc PDCO UW 79%

Patterson-UTI Energy Inc PTEN UW 66%

Paychex Inc PAYX UW 72%

People's United Financial Inc PBCT UW 72%

Perrigo Co PLC PRGO UW 79%

Petroleo Brasileiro SA PETR4 BZ 64%

Pfizer Inc PFE UN 70%

Piraeus Bank SA TPEIR GA 67%

Priceline Group Inc_The PCLN UW 72%




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Principal Financial Group Inc PFG UN 68%

Procter & Gamble Co-The PG UN 73%

Progressive Corp_The PGR UN 77%

Prudential Financial Inc PRU UN 71%

Public Storage PSA UN 66%

PulteGroup Inc PHM UN 67%

PVH Corp PVH UN 71%

QIAGEN NV QGEN UW 62%

QUALCOMM Inc QCOM UW 76%

Quanta Services Inc PWR UN 70%

Quest Diagnostics Inc DGX UN 66%

Ralph Lauren Corp RL UN 70%

Randgold Resources Ltd RRS LN 74%

Range Resources Corp RRC UN 65%

Raytheon Co RTN UN 73%

Red Hat Inc RHT UW 73%

Regeneron Pharmaceuticals Inc REGN UW 76%

Regions Financial Corp RF UN 72%

Repsol SA REP SQ 67%

Republic Services Inc RSG UN 78%

Reynolds American Inc RAI UN 83%

Robert Half International Inc RHI UN 70%

Rockwell Automation Inc ROK UN 72%

Rockwell Collins Inc COL UN 68%

Roper Technologies Inc ROP UN 72%

Ross Stores Inc ROST UW 74%

Royal Caribbean Cruises Ltd RCL UN 65%

RWE AG RWE GY 59%

Ryanair Holdings PLC RYA ID 62%

Ryder System Inc R UN 68%

Salesforce.com Inc CRM UN 69%

Sampo Oyj SAMPO FH 67%

SAP SE SAP GY 77%

SATS Ltd SATS SP 71%

SBA Communications Corp SBAC UW 70%

Seagate Technology PLC STX UW 68%

Sears Holdings Corp SHLD UW 69%

Sembcorp Industries Ltd SCI SP 67%

Sembcorp Marine Ltd SMM SP 77%

Shire PLC SHP LN 95%

SIA Engineering Co Ltd SIE SP 66%

Siemens AG SIE GY 68%

Singapore Airlines Ltd SIA SP 67%

Singapore Exchange Ltd SGX SP 68%

Singapore Post Ltd SPOST SP 72%

Singapore Press Holdings Ltd SPH SP 65%




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Singapore Technologies Engineering Ltd STE SP 66%

Singapore Telecommunications Ltd ST SP 64%

Sirius XM Holdings Inc SIRI UW 70%

Skyworks Solutions Inc SWKS UW 67%

SMRT Corp Ltd MRT SP 71%

Southwest Airlines Co LUV UN 70%

Staples Inc SPLS UW 75%

Starbucks Corp SBUX UW 74%

StarHub Ltd STH SP 68%

Steel Dynamics Inc STLD UW 71%

Stericycle Inc SRCL UW 81%

Suntec Real Estate Investment Trust SUN SP 66%

SUPERVALU Inc SVU US 67%

Symantec Corp SYMC UW 72%

Telefonaktiebolaget LM Ericsson ERICB SS 67%

Telefonica SA TEF SQ 69%

Tenet Healthcare Corp THC US 79%

Teva Pharmaceutical Industries Ltd TEVA IT 88%

Texas Instruments Inc TXN UW 70%

T-Mobile US Inc TMUS UW 72%

TOTAL SA FP FP 68%

Tractor Supply Co TSCO UW 66%

Transocean Ltd RIG US 68%

Travelers Cos Inc-The TRV US 65%

Twenty-First Century Fox Inc FOX UW 73%

Twenty-First Century Fox Inc FOXA UW 73%

UBS Group AG UBSG VX 63%

UniCredit SpA UCG IM 77%

United Overseas Bank Ltd UOB SP 66%

United Technologies Corp UTX UN 66%

UnitedHealth Group Inc UNH US 81%

UOL Group Ltd UOL SP 73%

Urban Outfitters Inc URBN UW 75%

Valeant Pharmaceuticals International Inc VRX CN 80%

Venture Corp Ltd VMS SP 66%

VeriSign Inc VRSN UW 71%

Verizon Communications Inc VZ UN 76%

Vertex Pharmaceuticals Inc VRTX UW 71%

Viavi Solutions Inc VIAV UW 83%

Vienna Insurance Group AG Wiener Versicherung Gruppe VIG AV 70%

Vivendi SA VIV FP 81%

Volkswagen AG VOW GY 67%

Volkswagen AG VOW3 GY 67%

Walgreens Boots Alliance Inc WBA UW 89%

Wal-Mart Stores Inc WMT UN 65%

Walt Disney Co-The DIS UN 66%




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Welltower Inc HCN UN 79%

Western Digital Corp WDC UW 91%

Wilmar International Ltd WIL SP 72%

Windstream Holdings Inc WIN US 69%

Wing Tai Holdings Ltd WINGT SP 72%

WW Grainger Inc GWW UN 76%

Wynn Resorts Ltd WYNN UW 69%

Xilinx Inc XLNX UW 75%

XPO Logistics Inc XPO US 86%

Yahoo! Inc YHOO UW 73%

Yanlord Land Group Ltd YLLG SP 68%

YRC Worldwide Inc YRCW US 69%

Zurich Insurance Group AG ZURN VX 63%

The distribution of RtS values is illustrated in the figure below. It indicates how the majority of

companies concentrate around RtS values of 65-75%, with very few companies having values higher

than 80%. Likewise, there are currently no companies with an RtS value below the alarming 50%

threshold.

Resistance to Shock ratings are calculated on a quarterly basis, the intention being to capture the

dynamics of a turbulent and rapidly evolving economy. Therefore, it is important to track the

evolution of an RtS rating over time and focus on its trends rather than on point values.

The distributions of RtS ratings for three major sectors are illustrated in the following page.

In order to obtain a detailed Resistance to Shocks rating report for a specific company contact us.




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Sector: Consumer Discretionary

Number of companies: 82

Minimum RtS: 61% (GPC)

Maximum RtS 93% (NWL)

Sector: Industrials


Minimum RtS: 60% (PCAR)

Maximum RtS 96% (JCI)

Sector: Information Technology


Minimum RtS: 60% (CTXS)

Maximum RtS 93% (GPN)




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References

[1] Marczyk, J. A New Theory of Risk and Rating, Editrice Uniservice, 2009.

[2] Marczyk, J. Complexity and Resilience Rating: New Paradigms in Finance, Economics and

Sustainable Investment, Edizioni del Faro., 2015.

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Copyright © 2017. Any reproduction or distribution of this document, in whole or in part, without the prior written consent of Universal

Ratings Pte Ltd is prohibited.

The methods described in the present document are protected by US patents. Reverse-engineering of the concepts, methods or ideas

contained herein is strictly forbidden.


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Complexity and Resistance to Shocks Ratings · Resistance-to-Shocks Ratings A novel rating system,...

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