When the Luxembourg Pfandbriefbanks started their business at the end of 1999 only a few people in the markets expected a rating for the Luxembourg Lettre de Gage very soon. But already in June 2000 Standard&Poors assigned its "AAA"-rating to the Lettre de Gage of Pfandbrief Bank International. This lays the ground for the Lettre de Gage being that high-quality product HPBI promised to offer to investors.

Furthermore if an issuer wants to sell his product to international investors a rating is indispensable, because the rating agency takes the role of an independent credit department for investors and makes the evaluation of a new asset type and issuer pretty much easier. The credit-decision of the investor is based on the expertise and knowledge of the rating agency.