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Rated Agency

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Author by : Michel Feher
Languange Used : en
Release Date : 2021-09-14
Publisher by : Princeton University Press

ISBN : 9781942130192

The hegemony of finance compels a new orientation for everyone and everything: companies care more about the moods of their shareholders than about longstanding commercial success; governments subordinate citizen welfare to appeasing creditors; and individuals are concerned less with immediate income from labor than appreciation of their capital goods, skills, connections, and reputations. That firms, states, and people depend more on their ratings than on the product of their activities also changes how capitalism is resisted. For activists, the focus of grievances shifts from the extraction of profit to the conditions under which financial institutions allocate credit. While the exploitation of employees by their employers has hardly been curbed, the power of investors to select investees — to decide who and what is deemed creditworthy — has become a new site of social struggle. In clear and compelling prose, Michel Feher explains the extraordinary shift in conduct and orientation generated by financialization. Above all, he articulates the new political resistances and aspirations that investees draw from their rated agency....

The Rating Agencies And Their Credit Ratings

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Author by : Herwig Langohr
Languange Used : en
Release Date : 2010-04-01
Publisher by : John Wiley & Sons

ISBN : 9780470714355

Credit rating agencies play a critical role in capital markets, guiding the asset allocation of institutional investors as private capital moves freely around the world in search of the best trade-off between risk and return. However, they have also been strongly criticised for failing to spot the Asian crisis in the early 1990s, the Enron, WorldCom and Parmalat collapses in the early 2000s and finally for their ratings of subprime-related structured finance instruments and their role in the current financial crisis. This book is a guide to ratings, the ratings industry and the mechanics and economics of obtaining a rating. It sheds light on the role that the agencies play in the international financial markets. It avoids the sensationalist approach often associated with studies of rating scandals and the financial crisis, and instead provides an objective and critical analysis of the business of ratings. The book will be of practical use to any individual who has to deal with ratings and the ratings industry in their day-to-day job. Reviews "Rating agencies fulfil an important role in the capital markets, but given their power, they are frequently the object of criticism. Some of it is justified but most of it portrays a lack of understanding of their business. In their book The Rating Agencies and their Credit Ratings, Herwig and Patricia Langohr provide an excellent economic background to the role of rating agencies and also a thorough understanding of their business and the problems they face. I recommend this book to all those who have an interest in this somewhat arcane but extremely important area." -Robin Monro-Davies, Former CEO, Fitch Ratings. "At a time of unprecedented public and political scrutiny of the effectiveness and indeed the basic business model of the Credit Rating industry, and heightened concerns regarding the transparency and accountability of the leading agencies, this book provides a commendably comprehensive overview, and should provide invaluable assistance in the ongoing debate." -Rupert Atkinson, Managing Director, Head of Credit Advisory Group, Morgan Stanley and member of the SIFMA Rating Agency Task Force "The Langohrs have provided useful information in a field where one frequently finds only opinions or misconceptions. They supply a firm base from which to understand changes now underway. A well-read copy of this monograph should be close to the desk of every investor, issuer and financial regulator, legislator or commentator." -John Grout, Policy and Technical Director, The Association of Corporate Treasurers...

Insurance Ratings

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Author by : United States. General Accounting Office
Languange Used : en
Release Date : 1994
Publisher by :

ISBN : UOM:39015048556669

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The Rating Agencies And Their Credit Ratings

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Author by : Herwig M. Langohr
Languange Used : en
Release Date : 2008
Publisher by : John Wiley & Sons

ISBN : STANFORD:36105132277661

This title is a guide to ratings, the ratings industry, and the mechanics and economics of obtaining a rating. It sheds light on the role that the agencies play in the international financial markets....

The Independence Of Credit Rating Agencies

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Author by : Gianluca Mattarocci
Languange Used : en
Release Date : 2013-10-22
Publisher by : Academic Press

ISBN : 9780124047365

The Independence of Credit Rating Agencies focuses on the institutional and regulatory dynamics of these agencies, asking whether their business models give them enough independence to make viable judgments without risking their own profitability. Few have closely examined the analytical methods of credit rating agencies, even though their decisions can move markets, open or close the doors to capital, and bring down governments. The 2008 financial crisis highlighted their importance and their shortcomings, especially when they misjudged the structured financial products that precipitated the collapse of Bear Stearns and other companies. This book examines the roles played by rating agencies during the financial crisis, illuminating the differences between U.S. and European rating markets, and also considers subjects such as the history of rating agencies and the roles played by smaller agencies to present a well-rounded portrait. Reports on one of the key causes of the 2008 financial crisis: agencies that failed to understand how to analyze financial products Describes inherent business model and pricing conflicts that compromise the independence of credit rating agencies Reveals how rating agencies large and small, regulatory bodies, and vested interests interact in setting fees and policies...

Are Credit Rating Agencies Useful

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Author by : Moritz Meyer
Languange Used : en
Release Date : 2018-05-24
Publisher by : GRIN Verlag

ISBN : 9783668709492

Essay from the year 2018 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 69%, University of Strathclyde, language: English, abstract: Credit rating agencies are defined by Dittrich (2007) as companies which provide an opinion about the credit worthiness of a particular company, security or obligation by rating them on the basis of several parameters which are traditionally not publicly known. They also rate bonds issued by governments and municipal bonds specifying their ability to service their debts. On the contrary, according to Partnoy (2017) they usually provide an alphabetical letter score, which symbolises the forward-looking opinion of the credit rating agency on the credit worthiness of the rated obligor on a specific date. Therefore, the credit rating agencies are able to reduce information asymmetry by providing useful information to participants in debt markets and potential investors, which makes the credit rating agencies highly important as claimed by Utzig (2010). This transparency of information would otherwise not be available. On the other hand, Benmelech (2017) describes credit rating agencies as reputational intermediaries that bridge the information gap between issuers and investors by their ability to produce and accumulate credible information about debt issues. The score awarded by rating agencies enables the investor to decide whether or not to invest their money. The credit rating agency market is, as pointed out by Benmelech (2017), dominated by three big players as an oligopoly. Research by Partnoy (2017) and ESMA (2016) discovered that Moody's Investors Service Plc. and S&P Global Ratings Inc. (S&P) control the market with around 80 percent market share followed by Fitch Ratings Inc. which controls a further 15 percent....

The Role Of Credit Rating Agencies A Blessing Or A Curse

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Author by : Muddassar Rasheed Malik
Languange Used : en
Release Date : 2019-02-18
Publisher by : GRIN Verlag

ISBN : 9783668879164

Seminar paper from the year 2011 in the subject Economics - Finance, , course: Bank Financial Management, language: English, abstract: This report is examining the role of credit rating agencies and in further details arguments in its favor and against its favor are examined. In the beginning the role of credit rating agencies is defined and later methodological approaches to this topic are discussed, and afterwards, an analysis of pros and cons of credit rating agencies is conducted. To the end recommendations and suggestions to credit rating agencies for better performances are listed. Generally, credit rating agencies are playing vital role in markets and they united dispersed information comprehensively. Through this approach it is easier for investors or issuers to understand the real position of different concerns before taking any final decisions, beside this fact it is also in observation that credit rating agencies have some flaws which need to be addressed, like favoritism and unsolicited credit rating issuance. It is recommended to have transparency, scheduled active ratings and strict follow up with regulated authorities....

Credit Rating Agencies

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Author by : Source Wikipedia
Languange Used : en
Release Date : 2013-09
Publisher by : University-Press.org

ISBN : 1230501754

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 32. Chapters: Standard & Poor's, Credit rating agency, TRW, Experian, Moody's, Dominion Bond Rating Service, Nationally Recognized Statistical Rating Organization, Equifax, Duff & Phelps, Fitch Group, ChexSystems, Fidelity National Information Services, MIB Group, Inc., DP Information Group, A. M. Best, Compagnie Francaise d'Assurance pour le Commerce Exterieur, PRBC, Dun & Bradstreet, Pacific Credit Rating, Dun & Bradstreet Credibility Corp, High Mark Credit Information Services, Dagong, Innovis, International Ratings Group, Compuscan, Mercantile agencies, Egan-Jones Rating Company, Big Three, Creditinform, Credit Rating Agency of Bangladesh Limited, International Suppliers Network, Equifax Canada, Japan Credit Rating Agency, Ltd., National Information & Credit Evaluation. Excerpt: A Credit rating agency (CRA) is a company that assigns credit ratings for issuers of certain types of debt obligations as well as the debt instruments themselves. In some cases, the servicers of the underlying debt are also given ratings. In most cases, the issuers of securities are companies, special purpose entities, state and local governments, non-profit organizations, or national governments issuing debt-like securities (i.e., bonds) that can be traded on a secondary market. A credit rating for an issuer takes into consideration the issuer's credit worthiness (i.e., its ability to pay back a loan), and affects the interest rate applied to the particular security being issued. The value of such security ratings has been widely questioned after the 2007-09 financial crisis. In 2003 the U.S. Securities and Exchange Commission submitted a report to Congress detailing plans to launch an investigation into the anti-competitive practices of credit rating agencies and issues including conflicts of interest. More recently, ratings downgrades during the......

Ratings Rating Agencies And The Global Financial System

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Author by : Richard M. Levich
Languange Used : en
Release Date : 2012-12-06
Publisher by : Springer Science & Business Media

ISBN : 9781461509998

Ratings, Rating Agencies and the Global Financial System brings together the research of economists at New York University and the University of Maryland, along with those from the private sector, government bodies, and other universities. The first section of the volume focuses on the historical origins of the credit rating business and its present day industrial organization structure. The second section presents several empirical studies crafted largely around individual firm-level or bank-level data. These studies examine (a) the relationship between ratings and the default and recovery experience of corporate borrowers, (b) the comparability of credit ratings made by domestic and foreign rating agencies, and (c) the usefulness of financial market indicators for rating banks, among other topics. In the third section, the record of sovereign credit ratings in predicting financial crises and the reaction of financial markets to changes in credit ratings is examined. The final section of the volume emphasizes policy issues now facing regulators and credit rating agencies....

The Industry A History Of The Credit Rating Agencies

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Author by : Am Best
Languange Used : en
Release Date : 2020-08-21
Publisher by : Independently Published

ISBN : 9798656761819

The Industry - A History of the Credit Rating Agencies is an account of American ingenuity, of an industry that originated in the United States and remains rooted there even as its branches spread across the globe. This is the story of enterprising men and women who met economic crises with optimism and determination. Today's agencies continue to adapt to a changing global economy....