introduces for the first time an innovative methodological
approach, thus not having historical data of any default of
the companies examined, for this purpose (identification of
PD), we tried to integrate the information contained in the
RICA dataset extracting from archive “AIDA” (Bureau Van
Dijk/Moody’s Analytics Company database) the financial
statement data of the farms. This attempt, with the aim of
looking for the “factual counterpart” of the PDs found in the
analysis, did not have a positive outcome because of the
impossibility to directly observe the companies that had
actually failed because the research parameter provided only
for companies “ceased”, which included companies that
could have been liquidated for reasons other than defaulting
bankruptcy, such as the owner’s will or death. Furthermore,
the balance sheet data of the AIDA archive do not correspond to those present in the RICA archive, since they were
Table 4 Rating tables results
2007 non-specialized
2007 specialized breeding
2007 specialized crops
Rating scale
Rating scale
Rating scale
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
5
A
0,79
5
A
0,42
5
A
0,57
4
B
33,47
4
B
41,67
4
B
37,25
3
C
55,77
3
C
50,53
3
C
52,53
2
D
9,67
2
D
7,07
2
D
9,18
1
E
0,30
1
E
0,32
1
E
0,51
2006 non-specialized
2006 specialized breeding
2006 specialized crops
Rating scale
Rating scale
Rating scale
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
5
A
0,59
5
A
0,92
5
A
0,66
4
B
30,99
4
B
39,57
4
B
39,22
3
C
57,48
3
C
48,83
3
C
51,55
2
D
10,53
2
D
10,27
2
D
8,19
1
E
0,41
1
E
0,41
1
E
0,38
2005 non-specialized
2005 specialized breeding
2005 specialized crops
Rating scale
Rating scale
Rating scale
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
5
A
0,85
5
A
0,82
5
A
0,51
4
B
31,28
4
B
37,01
4
B
40,01
3
C
57,19
3
C
51,65
3
C
51,09
2
D
10,33
2
D
9,90
2
D
8,02
1
E
0,36
1
E
0,62
1
E
0,37
2004 non-specialized
2004 specialized breeding
2004 specialized crops
Rating scale
Rating scale
Rating scale
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
5
A
0,76
5
A
0,71
5
A
0,70
4
B
33,69
4
B
40,05
4
B
42,45
3
C
56,70
3
C
48,17
3
C
48,73
2
D
8,53
2
D
10,60
2
D
7,81
1
E
0,32
1
E
0,47
1
E
0,31
Measurement of Financial and Asset …
115
approach, thus not having historical data of any default of
the companies examined, for this purpose (identification of
PD), we tried to integrate the information contained in the
RICA dataset extracting from archive “AIDA” (Bureau Van
Dijk/Moody’s Analytics Company database) the financial
statement data of the farms. This attempt, with the aim of
looking for the “factual counterpart” of the PDs found in the
analysis, did not have a positive outcome because of the
impossibility to directly observe the companies that had
actually failed because the research parameter provided only
for companies “ceased”, which included companies that
could have been liquidated for reasons other than defaulting
bankruptcy, such as the owner’s will or death. Furthermore,
the balance sheet data of the AIDA archive do not correspond to those present in the RICA archive, since they were
Table 4 Rating tables results
2007 non-specialized
2007 specialized breeding
2007 specialized crops
Rating scale
Rating scale
Rating scale
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
5
A
0,79
5
A
0,42
5
A
0,57
4
B
33,47
4
B
41,67
4
B
37,25
3
C
55,77
3
C
50,53
3
C
52,53
2
D
9,67
2
D
7,07
2
D
9,18
1
E
0,30
1
E
0,32
1
E
0,51
2006 non-specialized
2006 specialized breeding
2006 specialized crops
Rating scale
Rating scale
Rating scale
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
5
A
0,59
5
A
0,92
5
A
0,66
4
B
30,99
4
B
39,57
4
B
39,22
3
C
57,48
3
C
48,83
3
C
51,55
2
D
10,53
2
D
10,27
2
D
8,19
1
E
0,41
1
E
0,41
1
E
0,38
2005 non-specialized
2005 specialized breeding
2005 specialized crops
Rating scale
Rating scale
Rating scale
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
5
A
0,85
5
A
0,82
5
A
0,51
4
B
31,28
4
B
37,01
4
B
40,01
3
C
57,19
3
C
51,65
3
C
51,09
2
D
10,33
2
D
9,90
2
D
8,02
1
E
0,36
1
E
0,62
1
E
0,37
2004 non-specialized
2004 specialized breeding
2004 specialized crops
Rating scale
Rating scale
Rating scale
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
Numbers
Letters
PD
ranges
(%)
5
A
0,76
5
A
0,71
5
A
0,70
4
B
33,69
4
B
40,05
4
B
42,45
3
C
56,70
3
C
48,17
3
C
48,73
2
D
8,53
2
D
10,60
2
D
7,81
1
E
0,32
1
E
0,47
1
E
0,31
Measurement of Financial and Asset …
115