How to self-check the credit rating of the issuing bank or foreign customers for international sales?
I have been in the filed of CNC machining parts and CNC turned parts for more than 10 years.I believe some international sales have had the following troubles:
1) Overseas customers have opened L/C, especially with those unstable political situation buyers ,they are very worried about the credibility of the issuing bank.
2) Overseas customers request to insure product liability insurance. The requirements for insurance companies are best rating in a.m. best? Then what is the BEST RATING and A.M Best?
3) For big overseas customers, especially American customers, they request the payment terms to be O/A 60DAYS from B/L Date, or D/A 60 DAYS from B/L Date. Is there some simple methods to check the international credit rating.
I would like to recommend some useful credit rating agencies in below.
- Standard & Poor'S-You can check the banks (for example, when the foreign customer opens the L/C, you can check the credit status of the issuing bank), the enterprise, the insurance financial institution, etc.
https://www.standardandpoors.com/en_US/web/guest/home
- M BEST ( only focus on insurance company credit rating)
http://www.ambest.com/home/default.aspx
- .Moody's
- Fitch Rating
As the professional cnc machining services and cnc turning parts vendor, we could support flexible payment terms. Meanwhile we have the ability to check the credit rating for our customers. Please contact us for now
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