Agence De Notation (document en anglais).

Information is the basis for rational calculation, but throughout the nineteenth century, U.S. trade creditors faced formidable obstacles to obtaining it. The paucity of information did not, however, keep creditors from calculating risk in a systematic way. This paper examines the processes by which they did so, tracing the combination of art and method that creditors used to analyze creditworthiness. It argues that by the 1830s and 1840s, a shared set of criteria had emerged which was widely accepted (although by no means universally applied) within the business community. In addition to what was termed “capacity” (a borrower’s financial means), the criteria for determining creditworthiness included the so-called “character” traits of honesty, punctuality, thrift, experience, sobriety, energy, and focus. Other traits included marital status and age. The list of traits generally did not include religious or social affiliations: membership in churches, social and political clubs, and the like. Race, ethnicity, and gender were noted but did not constitute the sole basis for judgment. Folksy and unsophisticated by the standards of the late twentieth century, this way of assessing creditworthiness nevertheless helped to mitigate the ambiguities inherent in long-distance trade. Provided with a clear set of rules, mercantile creditors became more willing to "trust" goods to merchants who were unknown to them, and who may or may not become repeat customers.

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