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Credit Ratings and Credit Rating Agencies
SSRN Electronic Journal, 2011The present chapter discusses the characteristics of credit rating agencies and their credit ratings. In describing the role they both play on the global financial markets, it focuses in particular on the increasing importance that legal regulation has gained in the context of credit ratings, both due to the increase in regulation through credit ...
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The Credit Rating Industry [PDF]
The Journal of Fixed Income, 1995 Investors and regulators have been increasing their reliance on the opinions of the credit rating agencies. This article shows that although the ratings provide accurate rank-orderings of default risk, the meaning of specific letter grades varies over time and across agencies.
Richard Cantor, Frank Packer
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2010
Bond rating and the establishment of formal CRAs began in 1909 when John Moody began rating US railroad bonds, soon expanding to utility and industrial bonds. Poor’s Publishing Company followed in 1916 and Fitch Publishing Company in 1924. The business was characterised by the investor-pays model, where investors bought reports from the CRAs containing
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Bond rating and the establishment of formal CRAs began in 1909 when John Moody began rating US railroad bonds, soon expanding to utility and industrial bonds. Poor’s Publishing Company followed in 1916 and Fitch Publishing Company in 1924. The business was characterised by the investor-pays model, where investors bought reports from the CRAs containing
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Are Credit Ratings Procyclical?
SSRN Electronic Journal, 2003Abstract This paper studies the influence of the state of the business cycle on credit ratings. In particular, we assess whether rating agencies are excessively procyclical in their assignment of ratings. Our analysis is based on a model of ratings determination that takes into account factors that measure the business and financial risks of firms ...
C. H. Furfine, Jeffery D. Amato
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Do sovereign credit ratings matter for corporate credit ratings?
Annals of Operations Research, 2020zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Cheikh, Nidhaleddine Ben +3 more
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2017
Credit ratings are part of mass media communications and an increasingly important issue in bank-customer relations. We present an inquiry on rating culture involving branch officers, professionals and managers of a sample of banks. It confirms that the misleading messages of mass media are prevailing even among financial industry operators. To clarify
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Credit ratings are part of mass media communications and an increasingly important issue in bank-customer relations. We present an inquiry on rating culture involving branch officers, professionals and managers of a sample of banks. It confirms that the misleading messages of mass media are prevailing even among financial industry operators. To clarify
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Procyclical Credit Rating Policy*
Asia-Pacific Journal of Financial Studies, 2015AbstractThis paper examines whether credit rating agencies applied consistent rating standards to US corporate bonds in the periods surrounding the 2008 financial crisis. Based on estimates of issuing firms' credit quality from a structural model, I find that rating standards are in fact procyclical: ratings are stricter during an economic downturn ...
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The Cases in Organizational Behaviour provides a bridge between course textbooks and key real-world examples. The Credit ratings case study summarizes and examines the scenario and includes supporting commentary from Daniel King and Scott Lawley.
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Creditability of Credit Rating Agencies
SSRN Electronic Journal, 2013Credit rating is an "opinion regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued using an established and defined ranking system of rating ...
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Credit rating agencies during credit crunch
Review of Financial EconomicsAbstractIn this paper, we study whether credit rating agencies (CRAs), as they claim, follow the rating through‐the‐cycle approach as opposed to a pro‐cyclical approach. In particular, we compare the behavior of CRAs during the credit crunch and normal market conditions.
Ali Ebrahim Nejad +2 more
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