About Us

Credit Ratings Team

Analytical Team

Brenda Wardlaw – Director, Credit Ratings
Brenda Wardlaw – Director, Credit Ratings

  • Bachelor of Economics (Hons.) – Monash University

Brenda Wardlaw is an experienced credit analyst with experience across a diverse range of corporate sectors including mining, agribusiness, chemicals, food and beverages, packaging, and health care. She is one of Australia Ratings’ credit rating analysts responsible for ratings and research reports of ASX listed debt and hybrid securities.

Until recently, Brenda was a director at S&P Global, with more than two decades of experience in the corporate credit ratings team, responsible for credit ratings of companies in the mining, agribusiness, and other sectors across Asia-Pacific, as well as facilitating credit training courses for external participants.

More recently, Brenda was the senior coach in S&P Global’s Lean Management team delivering training and coaching throughout Asia-Pacific. Brenda previously worked as a research economist in a Federal Government department and at a Statutory Authority.

Brenda is a member of the Australian Agricultural and Resource Economic Society.

Chris Cudsi – Director, Credit Ratings
Chris Cudsi – Director, Credit Ratings
  • Bachelor of Economics (Hons.) – Monash University

Chris Cudsi is an experienced credit analyst with specialist skills in rating companies and infrastructure and utility entities. He is one of Australia Ratings’ credit rating analysts responsible for ratings and research reports of ASX listed debt and hybrid securities.

In 2009, Chris established Capital, a firm providing independent and specialist corporate advisory, focusing on credit ratings, debt financing, and capital structure. Prior to 2009, Chris was an Associate at Standard & Poor’s and was responsible for the credit ratings of companies and projects mainly in the energy, infrastructure, water, utilities, and airport sectors. Chris has also worked as a policy analyst at the South Australian Department of Manufacturing, Innovation, Trade, Resources and Energy, Senior Economist at the Victorian Employers' Chamber of Commerce and Industry (VECCI) and as an analyst at Commonwealth Treasury.

Chris is an Associate of FINSIA, a Certified Finance and Investment Professional of INFINZ, a Certified Finance and Treasury Professional of FTA, and a member of the Economic Society of Australia.

Chris Dalton – Managing Director
Chris Dalton – Managing Director
  • Bachelor of Economics – Monash University
  • Master of Business Administration – Melbourne Business School
  • Graduate Australian Institute of Company Directors

Chris is a successful financial markets executive and business leader with considerable knowledge of Australian and global debt capital markets and Australia’s wealth management market.

Chris is the Managing Director and Founder of Australia Ratings.  He is also the Chief Executive Officer (part-time) of the Australian Securitisation Forum (ASF). The ASF is an industry association representing the participants in the Australian securitisation market.  

He was the Managing Director and Country Head of Standard & Poor’s (S&P). Chris was responsible for the management of S&P’s credit ratings, risk solutions, managed fund research, index services and financial data and information businesses in Australia and New Zealand. Chris joined S&P in 1990 and successfully established Standard & Poor’s as the leading ratings agency of mortgage and asset-backed securities. In 1994 he was appointed head of S&P Asia Pacific structured finance group responsible for the regional analysts in S&P Tokyo, Hong Kong and Melbourne offices. In 1997 Chris was received a McGraw-Hill award for management excellence and spent 3 years in senior management at S&P's head office in New York.

Before joining S&P, Chris held roles in corporate banking, treasury, technology and auditing with Elders Finance & Investment Company Ltd, Shell Australia Ltd and Coopers & Lybrand. 

Philip Bayley – Director, Credit Ratings
Philip Bayley – Director, Credit Ratings
  • Bachelor of Business (Banking & Finance) – Monash University
  • Master of Business Administration – University of Melbourne
  • Fellow, Financial Services Institute of Australasia

Philip is the Principal of ADCM Services, publisher of The DCM Review an independent online commentary, analysis and data on Australia & New Zealand's debt capital markets. He is also a contributing editor to Banking Day. In 2014 Philip completed a PhD at Monash University, furthering his research into the domestic debt capital market.

Philip is one of Australia Ratings’ primary credit rating analysts responsible for ratings and research reports of ASX listed debt and hybrid securities.  He also produces a monthly performance commentary of Australia Ratings' Listed Debt Securities Indices.

Previously, Philip spent over 12 years working in and researching the Australian and New Zealand debt capital markets. Most recently, he was a Capital Markets Director at Standard & Poor’s, where he produced independent analysis and opinion on the debt capital markets, influencing the perceptions of market participants.

Philip spent 5 years at National Australia Bank as Head of Fixed Interest, Credit Research, with the National Australia Bank and before that was Head of Research at Westpac Banking Corporation.

Working in London in the mid to late 1990s, he monitored firsthand the development of the Euro corporate bond market in its current form, sparked by the imminent introduction of the euro. This provided Philip the inspiration and model for the work performed at Westpac and NAB.

With a 30 year career in banking and finance, Philip’s earlier roles focused on corporate and institutional banking, credit risk management, corporate finance and prior exposure to capital markets.



Su-King Hii - Compliance Consultant
Su-King Hii - Compliance Consultant

  • B.LLB

Su-King is the Compliance Manager for Australia Ratings. Su-King is the Principal of Innoinvest Consulting, a specialist compliance and AFSL consultancy practice based in Melbourne. Su-King is a member of Australia Ratings Compliance Committee.



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Melbourne, 25 September 2017

Australia Ratings is pleased to inform that we’ve made some changes to our website. The new menu layout coincides with the release of Investment Ratings – our new fund ratings and research service - and is designed to help you gain quick and easy access to related content.

Some important changes include

  • ASX Research, Listed Debt Indices & Fund Credit Rating Reports now located under Credit Ratings
  • Operational Capability Assessments, Private Analytical Services & Training located under Analytical Services
  • Login process remains the same and should not be affected.

For further details, please click here