1283:, the company's ratings remained at investment grade until four days before bankruptcy—though Enron's stock had been in sharp decline for several months—when "the outlines of its fraudulent practices" were first revealed. Critics complained that "not a single analyst at either Moody's or S&P lost his job as a result of missing the Enron fraud" and "management stayed the same". During the subprime crisis, when hundreds of billion of dollars' worth of triple-A-rated mortgage-backed securities were abruptly downgraded from triple-A to "junk" status within two years of issue, the CRAs' ratings were characterized by critics as "catastrophically misleading" and "provided little or no value". Ratings of preferred stocks also fared poorly. Despite over a year of rising mortgage delinquencies, Moody's continued to rate
1502:", each with a different priority of payment. Tranches are often likened to buckets capturing cascading water, where the water of monthly or quarterly repayment flows down to the next bucket (tranche) only if the one above has been filled with its full share and is overflowing. The higher-up the bucket in the income stream, the lower its risk, the higher its credit rating, and lower its interest payment. This means the higher-level tranches have more credit worthiness than would a conventional unstructured, untranched bond with the same repayment income stream, and allows rating agencies to rate the tranches triple A or other high grades. Such securities are then eligible for purchase by
1039:, expected loss, or a similar metric. The metrics vary somewhat between the agencies. S&P's ratings reflect default probability, while ratings by Moody's reflect expected investor losses in the case of default. For corporate obligations, Fitch's ratings incorporate a measure of investor loss in the event of default, but its ratings on structured, project, and public finance obligations narrowly measure default risk. The process and criteria for rating a convertible bond are similar, although different enough that bonds and convertible bonds issued by the same entity may still receive different ratings. Some bank loans may receive ratings to assist in wider
1390:: not only do interest rates on securities rise, but other contracts with financial institutions may also be affected adversely, causing an increase in financing costs and an ensuing decrease in creditworthiness. Large loans to companies often contain a clause that makes the loan due in full if the company's credit rating is lowered beyond a certain point (usually from investment grade to "speculative"). The purpose of these "ratings triggers" is to ensure that the loan-making bank is able to lay claim to a weak company's assets before the company declares
1190:
bond). However, some studies have estimated the average risk and reward of bonds by rating. One study by Moody's claimed that over a "5-year time horizon", bonds that were given its highest rating (Aaa) had a "cumulative default rate" of just 0.18%, the next highest (Aa2) 0.28%, the next (Baa2) 2.11%, 8.82% for the next (Ba2), and 31.24% for the lowest it studied (B2). (See "Default rate" in "Estimated spreads and default rates by rating grade" table to right.) Over a longer time horizon, it stated, "the order is by and large, but not exactly, preserved".
105:
733:(SEC). In 1936, regulation was introduced to prohibit banks from investing in bonds determined by "recognized rating manuals" (the forerunners of credit rating agencies) to be "speculative investment securities" ("junk bonds", in modern terminology). US banks were permitted to hold only "investment grade" bonds, and it was the ratings of Fitch, Moody's, Poor's, and Standard that legally determined which bonds were which. State insurance regulators approved similar requirements in the following decades.
3136:
had to calculate the statistical probabilities that certain kinds of mortgages might default, and to estimate the revenues that would be lost because of those defaults. Then investors had to determine the effect of the losses on the payments to different tranches. This complexity transformed the three leading credit rating agencies—Moody's, Standard & Poor's (S&P), and Fitch—into key players in the process, positioned between the issuers and the investors of securities.
36:
1673:, and sovereign-supported international entities. Sovereign borrowers are the largest debt borrowers in many financial markets. Governments from both advanced economies and emerging markets borrow money by issuing government bonds and selling them to private investors, either overseas or domestically. Governments from emerging and developing markets may also choose to borrow from other government and international organizations, such as the
1571:(CDOs). These securities mortgage/asset backed security tranches lower in the "waterfall" of repayment that could not be rated triple-A, but for whom buyers had to be found or the rest of the pool of mortgages and other assets could not be securitized. Rating agencies solved the problem by rating 70% to 80% of the CDO tranches triple-A. Still another innovative structured product most of whose tranches were also given high ratings was the "
679:
the fact that merchants knew their customers personally and knew whether or not they would be able to pay them back. As trading distances increased, merchants no longer personally knew their customers and became wary of extending credit to people who they did not know in fear of them not being able to pay them back. Business owners' hesitation to extend credit to new customers led to the birth of the credit reporting industry.
7326:" (Reuters) - Credit ratings organisations from five countries are launching a new global agency, touting it as an alternative to the Big Three agencies which they say no longer meet the needs of the new globalised world. In a statement on Tuesday, ARC Ratings said the agency would launch in London as a joint venture between CPR of Portugal, CARE Rating of India, GCR of South Africa, MARC of Malaysia, and Brazil's SR Rating."
4744:
City, the bankruptcy of Orange County, and the Asian and
Russian meltdowns. They failed to catch Penn Central in the 1970s and Long-Term Capital Management in the 1990s. They often downgraded companies just days before bankruptcy – too late to help investors. Nor was this anything new: one study showed that 78% of the municipal bonds rated double A or triple-A in 1929 defaulted during the Great Depression.
5891:
This is what
Goldman Sachs had cleverly done. it was absurd. The 100 buildings occupied the same floodplain; in the event of flood, the ground floors of all of them were equally exposed. But never mind: the rating agencies, who were paid fat fees by Goldman Sachs and other Wall Street firms for each deal they rated, pronounced 80% of the new tower of debt triple-A." (source: Michael Lewis,
2106:, because barriers to market entry are high and rating agency business is itself reputation-based (and the finance industry pays little attention to a rating that is not widely recognized). In 2003, the US SEC 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.
695:
to finance them, and therefore a bond market several times larger than in other countries. The bond markets in the
Netherlands and Britain had been established longer but tended to be small, and revolved around sovereign governments that were trusted to honor their debts. Companies were founded to provide investors with financial information on the growing railroad industry, including
1300:
paid lip service to compliance. In one case, an agency had issued an annual compliance report only a single page in length, with scant discussion of methodology. In another case, a chief executive officer of a company had signed off on a report as though a board member. Also, overseas staff of ratings agencies had assigned credit ratings despite lacking the necessary accreditation.
5802:
do that because you know the people that we were selling these bonds to had never really had any history in the mortgage business. ... They were looking for an independent party to develop an opinion," Jim
Callahan told the FCIC; Callahan is CEO of PentAlpha, which services the securitization industry, and years ago he worked on some of the earliest securitizations
3070:
Department of Labor restricts pension fund investments to securities rated A or higher. Credit ratings affect even private transactions: contracts may contain triggers that require the posting of collateral or immediate repayment, should a security or entity be downgraded. Triggers played an important role in the financial crisis and helped cripple AIG.
3290:
Moody's and Fitch control 98 percent of the market for debt ratings in the U.S., according to the SEC. The noncompetitive market leads to high fees, says SEC Commissioner Casey, 43, appointed by
President George W. Bush in July 2006 to a five-year term. S&P, a unit of McGraw-Hill Cos., has profit margins similar to those at Moody's, she says.
1309:
bondholders, lawyers and even regulators are quick to rush the field to protest the credit analyst's lapse." Others say that bonds assigned a low credit rating by rating agencies have been shown to default more frequently than bonds that receive a high credit rating, suggesting that ratings still serve as a useful indicator of credit risk.
1755:
publish ratings for that purpose. Governing bodies at both the national and international level have woven credit ratings into minimum capital requirements for banks, allowable investment alternatives for many institutional investors, and similar restrictive regulations for insurance companies and other financial market participants.
5382:
833:. Moody's and S&P opened offices Europe, Japan, and particularly emerging markets. Non-American agencies also developed outside of the United States. Along with the largest US raters, one British, two Canadian and three Japanese firms were listed among the world's "most influential" rating agencies in the early 1990s by the
903:
Markets as the private-sector group to provide the PWG with industry recommendations on credit rating matters. It published the "Recommendations of the
Securities Industry and Financial Markets Association Credit Rating Agency Task Force", which included a dozen recommendations to change the credit rating agency process.
5370:
4797:
3905:
between debt issuers and investors. Hence, CRAs provide an independent evaluation and assessment of the ability of issuers to meet their debt obligations. In this way, CRAs provide 'information services' that reduce information costs, increase the pool of potential borrowers, and promote liquid markets.
1734:(IOSCO) published a Code of Conduct for CRAs that, among other things, is designed to address the types of conflicts of interest that CRAs face. All of the major CRAs have agreed to sign on to this Code of Conduct and it has been praised by regulators ranging from the European Commission to the US SEC.
1202:" (or 43/100ths of a percentage point) more than a Treasury bond (so that it would yield 3.43% if the Treasury bond yielded 3.00%). A CCC-rated "junk" (or speculative) bond, on the other hand, paid over 4% more than a Treasury bond on average (7.04% if the Treasury bond yielded 3.00%) over that period.
3319:
Critics say this created perverse incentives such that at the height of the credit boom in 2005 to 2007, the agencies recklessly awarded Triple A ratings to complex exotic structured instruments that they scarcely understood. They have profited handsomely. In the three-year period ending in 2007, the
3289:
Moody's, the only one of the three that stands alone as a publicly traded company, has averaged pretax profit margins of 52 percent over the past five years. It reported revenue of $ 1.76 billion – earning a pretax margin of 41 percent – even during the economic collapse in 2008. S&P,
3135:
Purchasers of the safer tranches got a higher rate of return than ultra-safe
Treasury notes without much extra risk—at least in theory. However, the financial engineering behind these investments made them harder to understand and to price than individual loans. To determine likely returns, investors
3069:
Credit ratings also determined whether investors could buy certain investments at all. The SEC restricts money market funds to purchasing "securities that have received credit ratings from any two NRSROs ... in one of the two highest short-term rating categories or comparable unrated securities." The
1790:
The extensive use of credit ratings for regulatory purposes can have a number of unintended effects. Because regulated market participants must follow minimum investment grade provisions, ratings changes across the investment/non-investment grade boundary may lead to strong market price fluctuations
1754:
Regulatory authorities and legislative bodies in the United States and other jurisdictions rely on credit rating agencies' assessments of a broad range of debt issuers, and thereby attach a regulatory function to their ratings. This regulatory role is a derivative function in that the agencies do not
902:
formed a global task force with members drawn from a cross-section of the financial services industry, including asset managers, underwriters, and issuers, and provided industry input to lawmakers and regulators in Europe and Asia, and was designated by the U.S. President's
Working Group on Financial
824:
corporations. Rating agencies also began to apply their ratings beyond bonds to counterparty risks, the performance risk of mortgage servicers, and the price volatility of mutual funds and mortgage-backed securities. Ratings were increasingly used in most developed countries' financial markets and in
812:
More debt securities meant more business for the Big Three agencies, which many investors depended on to judge the securities of the capital market. US government regulators also depended on the rating agencies; they allowed pension funds and money market funds to purchase only securities rated above
5801:
Participants in the securitization industry realized that they needed to secure favorable credit ratings in order to sell structured products to investors. Investment banks therefore paid handsome fees to the rating agencies to obtain the desired ratings. "The rating agencies were important tools to
2146:
SEC Commissioner
Kathleen Casey has said that these CRAs have acted much like Fannie Mae, Freddie Mac and other companies that dominate the market because of government actions. When the CRAs gave ratings that were "catastrophically misleading, the large rating agencies enjoyed their most profitable
2127:
Of the large agencies, only Moody's is a separate, publicly held corporation that discloses its financial results without dilution by non-ratings businesses, and its high profit margins (which at times have been greater than 50 percent of gross margin) can be construed as consistent with the type of
2089:
report proposed a "hybrid" approach in which issuers who pay for ratings are required to seek additional scores from subscriber-based third parties. Other proposed alternatives include a "public-sector" model in which national governments fund the rating costs, and an "exchange-pays" model, in which
1835:
As of
December 2012, S&P is the largest of the three, with 1.2 million outstanding ratings and 1,416 analysts and supervisors; Moody's has 1 million outstanding ratings and 1,252 analysts and supervisors; and Fitch is the smallest, with approximately 350,000 outstanding ratings, and is sometimes
1726:
of 2002, Congress ordered the U.S. SEC to develop a report, titled "Report on the Role and Function of Credit Rating Agencies in the Operation of the Securities Markets" detailing how credit ratings are used in U.S. regulation and the policy issues this use raises. Partly as a result of this report,
1513:
CRAs are not only paid for giving ratings to structured securities, but may be paid for advice on how to structure tranches and sometimes the underlying assets that secure the debt to achieve ratings the issuer desires. This involves back and forth interaction and analysis between the sponsor of the
1398:
is appointed to divide up the claims against the company. The effect of such ratings triggers, however, can be devastating: under a worst-case scenario, once the company's debt is downgraded by a CRA, the company's loans become due in full; if the company is incapable of paying all of these loans in
1299:
found a serious lack of detail and rigour in many of the ratings issued by agencies. ASIC examined six agencies, including the Australian arms of Fitch, Moody's and S&P Global Ratings (the other agencies were Best Asia-Pacific, Australia Ratings and Equifax Australia). It said agencies had often
3262:
S&P, Moody's and Fitch control 98 percent of the market for debt ratings in the U.S., according to the SEC. The noncompetitive market leads to high fees, says SEC Commissioner Casey, 43, appointed by President George W. Bush in July 2006 to a five-year term. S&P, a unit of McGraw-Hill Cos.,
2712:
Rating entered a period of rapid growth and consolidation with this legally enforced separation and institutionalization of the securities business after 1929. Rating became a standard requirement for selling any issue in the United States, after many state governments incorporated rating standards
1727:
in June 2003, the SEC published a "concept release" called "Rating Agencies and the Use of Credit Ratings under the Federal Securities Laws" that sought public comment on many of the issues raised in its report. Public comments on this concept release have also been published on the SEC's website.
1432:
but are "fundamentally commercial in character and should be subject to the same standards of liability and oversight as apply to auditors, securities analysts and investment bankers." Implementation of this amendment has proven difficult due to conflict between the SEC and the rating agencies. The
1423:
mandated improvements to the regulation of credit rating agencies and addressed several issues relating to the accuracy of credit ratings specifically. Under Dodd-Frank rules, agencies must publicly disclose how their ratings have performed over time and must provide additional information in their
1220:
CRAs provide "surveillance" (ongoing review of securities after their initial rating) and may change a security's rating if they feel its creditworthiness has changed. CRAs typically signal in advance their intention to consider rating changes. Fitch, Moody's, and S&P all use negative "outlook"
694:
Credit rating agencies originated in the United States in the early 1900s, when ratings began to be applied to securities, specifically those related to the railroad bond market. In the United States, the construction of extensive railroad systems had led to the development of corporate bond issues
5876:
70%. "Firms bought mortgage-backed bonds with the very highest yields they could find and reassembled them into new CDOs. The original bonds ... could be lower-rated securities that once reassembled into a new CDO would wind up with as much as 70% of the tranches rated triple-A. Ratings arbitrage,
3002:
Changes in the financial markets have made people think the agencies are increasingly important. ... What is disintermediation? Banks acted as financial intermediaries in that they brought together suppliers and users of funds. ... Disintermediation has occurred on both sides of the balance sheet.
1291:
level. Some empirical studies have also found that rather than a downgrade lowering the market price and raising the interest rates of corporate bonds, the cause and effect are reversed. Expanding yield spreads (i.e., declining value and quality) of corporate bonds precedes downgrades by agencies,
1056:
Fitch and S&P use (from the most creditworthy to the least) AAA, AA, A, and BBB for investment-grade long-term credit risk and BB, CCC, CC, C, and D for "speculative" long-term credit risk. Moody's long-term designators are Aaa, Aa, A, and Baa for investment grade and Ba, B, Caa, Ca, and C for
678:
When the United States began to expand to the west and other parts of the country, so did the distance of businesses to their customers. When businesses were close to those who purchased goods or services from them, it was easy for the merchants to extend credit to them, due to their proximity and
5890:
80%. "In a CDO you gathered a 100 different mortgage bonds — usually the riskiest lower floors of the original tower ...... They bear a lower credit rating triple B. ... if you could somehow get them rerated as triple A, thereby lowering their perceived risk, however dishonestly and artificially.
5843:
In the case of the one CRA that was a separate public company – Moody's – "Between the time it was spun off into a public company and February 2007, its stock had risen 340%. Structured finance was approaching 50% of Moody's revenue – up from 28% in 1998. It accounted for pretty
5831:
Adam Davidson: And by the way, before you finance enthusiasts start writing any letters, we do know that $ 70 trillion technically refers to that subset of global savings called fixed income securities. ... Ceyla Pazarbasioglu: This number doubled since 2000. In 2000 this was about $ 36 trillion.
4743:
The agencies had charts and studies showing that their ratings were accurate a very high percentage of the time. But anyone who dig more deeply could find many instances when they got it wrong, usually when something unexpected happened. The rating agencies had missed the near default of New York
3904:
According to the theoretical literature, CRAs potentially provide information, monitoring, and certification services. First, since investors do not often know as much as issuers about the factors that determine credit quality, credit ratings address an important problem of asymmetric information
2077:
Critics argue that the issuer-pays model creates a potential conflict of interest because the agencies are paid by the organizations whose debt they rate. However, the subscription model is also seen to have disadvantages, as it restricts the ratings' availability to paying investors. Issuer-pays
2025:
Under the subscription model, the credit rating agency does not make its ratings freely available to the market, so investors pay a subscription fee for access to ratings. This revenue provides the main source of agency income, although agencies may also provide other types of services. Under the
1497:
These securities are more complex and an accurate prognoses of repayment more difficult than with other debt ratings. This is because they are formed by pooling debt — usually consumer credit assets, such as mortgages, credit card or auto loans — and structured by "slicing" the pool into multiple
1189:
to each grade, preferring descriptive definitions, such as "the obligor's capacity to meet its financial commitment on the obligation is extremely strong", (from a Standard and Poor's definition of a AAA-rated bond) or "less vulnerable to non-payment than other speculative issues" (for a BB-rated
6015:
What caused Moody's to change were three things. ... the inexorable rise of structured finance, and the concomitant rise of Moody's structured products business. ... the 2000 spin-off, which resulted in many Moody's executives getting stock options and gave them a new appreciation for generating
1560:
Credit rating agencies began issuing ratings for mortgage-backed securities (MBS) in the mid-1970s. In subsequent years, the ratings were applied to securities backed by other types of assets. During the first years of the twenty-first century, demand for highly rated fixed income securities was
3416:
The concern of the Justice Department's antitrust division was that unsolicited ratings were, in effect, anticompetitive. Rating firms could use the practice to 'improperly pressure' issuers in order to win business.... If they come to be viewed as 'shakedown artists,' using ratings to generate
1197:
calculated the additional interest rate or "spread" that corporate bonds pay over that of "riskless" US Treasury bonds, according to the bonds rating. (See "Basis point spread" in the table to right.) Looking at rated bonds from 1973 through 1989, the authors found a AAA-rated bond paid only 43
1011:
In addition, rating agencies have been liable—at least in US courts—for any losses incurred by the inaccuracy of their ratings only if it is proven that they knew the ratings were false or exhibited "reckless disregard for the truth". Otherwise, ratings are simply an expression of the agencies'
728:
of 1933 and the separation of the securities business from banking. As the market grew beyond that of traditional investment banking institutions, new investors again called for increased transparency, leading to the passage of new, mandatory disclosure laws for issuers, and the creation of the
1689:
to repay receives extra emphasis since national governments may be eligible for debt immunity under international law, thus complicating repayment obligations. In addition, credit assessments reflect not only the long-term perceived default risk, but also short- or immediate-term political and
711:
In 1913, the ratings publication by Moody's underwent two significant changes: it expanded its focus to include industrial firms and utilities, and it began to use a letter-rating system. For the first time, public securities were rated using a system borrowed from the mercantile credit rating
1603:. While this conflict had existed for years, the combination of CRA focus on market share and earnings growth, the importance of structured finance to CRA profits, and pressure from issuers who began to 'shop around' for the best ratings brought the conflict to a head between 2000 and 2007.
1534:
Aside from investors mentioned above—who are subject to ratings-based constraints in buying securities—some investors simply prefer that a structured finance product be rated by a credit rating agency. And not all structured finance products receive a credit rating agency rating. Ratings for
1308:
Defenders of credit rating agencies complain of the market's lack of appreciation. Argues Robert Clow, "When a company or sovereign nation pays its debt on time, the market barely takes momentary notice ... but let a country or corporation unexpectedly miss a payment or threaten default, and
1693:
National governments may solicit credit ratings to generate investor interest and improve access to the international capital markets. Developing countries often depend on strong sovereign credit ratings to access funding in international bond markets. Once ratings for a sovereign have been
1634:. Alternative accounts of the agencies' inaccurate ratings before the crisis downplay the conflict of interest factor and focus instead on the agencies' overconfidence in rating securities, which stemmed from faith in their methodologies and past successes with subprime securitizations.
1594:
Critics blamed this underestimation of the risk of the securities on the conflict between two interests the CRAs have—rating securities accurately, and serving their customers, the security issuers who need high ratings to sell to investors subject to ratings-based constraints, such as
1684:
Sovereign credit ratings represent an assessment by a rating agency of a sovereign's ability and willingness to repay its debt. The rating methodologies used to assess sovereign credit ratings are broadly similar to those used for corporate credit ratings, although the borrower's
1235:
Critics maintain that this rating, outlooking, and watching of securities has not worked nearly as smoothly as agencies suggest. They point to near-defaults, defaults, and financial disasters not detected by the rating agencies' post-issuance surveillance, or ratings of troubled
781:, allowing smaller reserves for higher-rated bonds; the rating would be done by "nationally recognized statistical ratings organizations" (NRSROs). This referred to the "Big Three", but in time ten agencies (later six, due to consolidation) were identified by the SEC as NRSROs.
784:
Rating agencies also grew in size and profitability as the number of issuers accessing the debt markets grew exponentially, both in the United States and abroad. By 2009 the worldwide bond market (total debt outstanding) reached an estimated $ 82.2 trillion, in 2009 dollars.
4956:"Not a single analyst at either Moody's of S&P lost his job as a result of missing the Enron fraud. Management stayed the same. Moody's stock price, after a brief tumble, began rising again .... 'Enron taught them how small the consequences of a bad reputation were.'
4804:
2057:
maintains an investor subscription service. Smaller, regional credit rating agencies may use either model. For example, China's oldest rating agency, Chengxin Credit Management Co., uses the issuer-pays model. The Universal Credit Ratings Group, formed by Beijing-based
2013:
Credit rating agencies generate revenue from a variety of activities related to the production and distribution of credit ratings. The sources of the revenue are generally the issuer of the securities or the investor. Most agencies operate under one or a combination of
763:
The rating agencies added levels of gradation to their rating systems. In 1973, Fitch added plus and minus symbols to its existing letter-rating system. The following year, Standard and Poor's did the same, and Moody's began using numbers for the same purpose in 1982.
3003:
Mutual funds ... now contain $ 2 trillion in assets – not much less than the $ 2.7 trillion held in U.S. bank deposits. ... In 1970, commercial lending by banks made up 65% of the borrowing needs of corporate America. By 1992, the banks' share had fallen to 36%
776:
in 1971 led to the liberalization of financial regulations and the global expansion of capital markets in the 1970s and 1980s. In 1975, SEC rules began explicitly referencing credit ratings. For example, the commission changed its minimum capital requirements for
6120:"UBS banker Robert Morelli, upon hearing that S&P might be revising its RMSBS ratings, sent an e-mail to an S&P analyst. 'Heard your ratings could be 5 notches back of moddys equivalent, Gonna kill you resi biz. May force us to do moddyfitch only ...'"
1444:, there is no specific legislation governing contracts between issuers and credit rating agencies. General rules of contract law apply in full, although it is difficult to hold agencies liable for breach of contract. In 2012, an Australian federal court held
3984:
These courts have held, among other things, that rating agencies are protected by the "actual malice" standard, which insulates them from liability for their ratings unless the publications are made with "knowledge of falsity" or "reckless disregard for the
1881:
has considered setting up a state-supported EU-based agency. In November 2013, credit ratings organizations from five countries (CPR of Portugal, CARE Rating of India, GCR of South Africa, MARC of Malaysia, and SR Rating of Brazil) joint ventured to launch
1561:
high. Growth was particularly strong and profitable in the structured finance industry during the 2001-2006 subprime mortgage boom, and business with finance industry accounted for almost all of the revenue growth at at least one of the CRAs (Moody's).
1368:
firms, resulting in a migration of credit rating analysts and the analysts' inside knowledge of rating procedures to higher-paying jobs at the banks and firms that issue the securities being rated, and thereby facilitating the manipulation of ratings by
1521:
Credit rating agencies employ varying methodologies to rate structured finance products, but generally focus on the type of pool of financial assets underlying the security and the proposed capital structure of the trust. This approach often involves a
3046:
The third period of rating development began in the 1980s, as a market in low-rated, high-yield (junk) bonds developed. This market – a feature of the newly released energies of financial globalization – saw many new entrants into capital
5907:"Unlike the traditional cash CDO, synthetic CDOs contained no actual tranches of mortgage-backed securities ... in the place of real mortgage assets, these CDOs contained credit default swaps and did not finance a single home purchase." (source:
1864:
The reason for the concentrated market structure is disputed. One widely cited opinion is that the Big Three's historical reputation within the financial industry creates a high barrier of entry for new entrants. Following the enactment of the
2026:
issuer-pays model, agencies charge issuers a fee for providing credit rating assessments. This revenue stream allows issuer-pays credit rating agencies to make their ratings freely available to the broader market, especially via the Internet.
7959:
Buffett explained that pricing power was what was important in his purchase of Moody's stock. '... he knew nothing about the management of Moody's. “I had no idea. I'd never been at Moody's, I don’t know where they are located.”' (source:
1221:
notifications to indicate the potential for a downgrade within the next two years (one year in the case of speculative-grade credits). Negative "watch" notifications are used to indicate that a downgrade is likely within the next 90 days.
877:
The Big Three issued 97%–98% of all credit ratings in the United States and roughly 95% worldwide, giving them considerable pricing power. This and credit market expansion brought them profit margins of around 50% from 2004 through 2009.
3236:'The three major rating agencies hold a collective market share of roughly 95%. Their special status has been cemented by law – at first only in the United States, but then in Europe as well,' explains an analysis by DeutscheWelle.
1850:
Market share concentration is not a new development in the credit rating industry. Since the establishment of the first agency in 1909, there have never been more than four credit rating agencies with significant market share. Even the
6075:
The three credit rating agencies were key enableers of the financial meltdown ... forces at work ... includ flawed computer models, the pressure from financial firms that paid for that ratings, the relentless drive for market share,
3360:
Today expressions of concern about rating performance – how good the rating agencies are at their business – have become the norm. Newspapers, magazines, and online sites talk continuously about the agencies and their
2078:
CRAs have argued that subscription-models can also be subject to conflicts of interest due to pressures from investors with strong preferences on product ratings. In 2010 Lace Financials, a subscriber-pays agency later acquired by
6052:
Between the time it was spun off into a public company and February 2007, stock had risen 340%. Structured finance was approaching 50% of Moody's revenue – up from 28% in 1998. It accounted for pretty much all of Moody's
1046:
The relative risks—the rating grades—are usually expressed through some variation of an alphabetical combination of lower- and uppercase letters, with either plus or minus signs or numbers added to further fine-tune the rating.
4006:
It is very hard to see how this combination can be justified. Imagine if patients were forced to use doctors whose incomes depended on the pharmaceutical companies, but who were immune from lawsuits if they prescribed a toxic
1705:
and for downgrading countries in the midst of that turmoil. Similar criticisms emerged after recent credit downgrades to Greece, Ireland, Portugal, and Spain, although credit ratings agencies had begun to downgrade peripheral
1758:
The use of credit ratings by regulatory agencies is not a new phenomenon. In the 1930s, regulators in the United States used credit rating agency ratings to prohibit banks from investing in bonds that were deemed to be below
3320:
height of the credit boom, S&P's operating profit rose 73 percent to $ 3.58 billion compared to the three-year period ending in 2004. The comparable gain for Moody's over the same period was 68 percent to $ 3.33 billion.
1514:
trust that issues the security and the rating agency. During this process, the sponsor may submit proposed structures to the agency for analysis and feedback until the sponsor is satisfied with the ratings of the different
2469:
3957:
7892:
1629:
found that agencies provide better ratings for the structured products of issuers that provide them with more overall bilateral rating business. This effect was found to be particularly pronounced in the run-up to the
1954:
898:. During that debacle, 73%—over $ 800 billion worth—of all mortgage-backed securities that one credit rating agency (Moody's) had rated triple-A in 2006 were downgraded to junk status two years later. In July 2008,
885:
launched an investigation into possible improper pressuring of issuers by Moody's in order to win business. Agencies were subjected to dozens of lawsuits by investors complaining of inaccurate ratings following the
873:
for rating agencies. By 2006, Moody's earned $ 881 million in revenue from structured finance. By December 2008, there were over $ 11 trillion structured finance debt securities outstanding in the US bond market.
1381:
Conversely, the complaint has been made that agencies have too much power over issuers and that downgrades can even force troubled companies into bankruptcy. The lowering of a credit score by a CRA can create a
1802:
removes statutory references to credit rating agencies, and calls for federal regulators to review and modify existing regulations to avoid relying on credit ratings as the sole assessment of creditworthiness.
7828:
2207:
For example, in the US, a state government which shares the credit responsibility for a Municipal bond issued by a municipal government entities but under the control of that state government entity. (source:
1579:"insurance", instead of interest and principal payments from house mortgages. If the insured or "referenced" CDOs defaulted, investors lost their investment, which was paid out much like an insurance claim.
5697:
707:
issued a publication focused solely on railroad bonds. His ratings became the first to be published widely in an accessible format, and his company was the first to charge subscription fees to investors.
1918:
1782:
The practice of using credit rating agency ratings for regulatory purposes has since expanded globally. Today, financial market regulations in many countries contain extensive references to ratings. The
736:
From 1930 to 1980, the bonds and ratings of them were primarily relegated to American municipalities and American blue chip industrial firms. International "sovereign bond" rating shrivelled during the
690:
in New York City. It was subsequently acquired by Robert Dun, who published its first ratings guide in 1859. Another early agency, John Bradstreet, formed in 1849 and published a ratings guide in 1857.
2964:
from the Bank for International Settlements via Asset Allocation Advisor. Original BIS data as of March 31, 2009; Asset Allocation Advisor compilation as of November 15, 2009. Accessed January 7, 2010.
1791:
and potentially cause systemic reactions. The regulatory function granted to credit rating agencies may also adversely affect their original market information function of providing credit opinions.
2267:(CDOs) issued in 2005-2007 (over half of the CDOs by value during time period) that rating agencies gave their highest "triple-A" rating to, were written down to "junk" by the end of 2009. (source:
2332:
Overall, my findings suggest that the problems in the CDO market were caused by a combination of poorly constructed CDOs, irresponsible underwriting practices, and flawed credit rating procedures.
2041:
adopted the issuer-pays model. Several factors contributed to this transition, including increased investor demand for credit ratings, and widespread use of information sharing technology—such as
3612:
2005:'s Credit Research Initiative (Singapore, non-profit rating provider), Spread Research (independent credit research and rating agency, France), INC Rating (Poland), Scope Ratings GmbH (Germany).
1839:
The three largest agencies are not the only sources of credit information. Many smaller rating agencies also exist, mostly serving non-US markets. All of the large securities firms have internal
1008:' creditworthiness. However, in recent decades the paying customers of CRAs have primarily not been buyers of securities but their issuers, raising the issue of conflict of interest (see below).
1327:
The ratings process relies on subjective judgments. This means that governments, for example, that are being rated can often inform and influence credit rating analysts during the review process
3579:
In October 2007, the M4-M11 tranches were downgraded and by 2008, all the tranches were downgraded. Of all mortgage-backed securities it rated triple-A in 2006, Moody's downgraded 73% to junk.
3263:
has profit margins similar to those at Moody's, she says. 'They've benefited from the monopoly status that they've achieved with a tremendous amount of assistance from regulators,' Casey says.
8043:
On the limits of the current 'Issuer-pays' business model, see Kenneth C. Kettering, Securization and its discontents: The Dynamics of Financial Product Development, 29 CDZLR 1553, 60 (2008).
4899:
1926:
1320:
singled out methodological shortcomings—especially inadequate historical data—as a contributing cause in the underestimating of the risk in structured finance products by the CRAs before the
8082:
For an historical account of the interaction between a government and the rating agencies, see David James Gill, "Rating the UK: the British government's sovereign credit ratings, 1976–78,"
6160:
Oh God, are you kidding? All the time. I mean, that's routine. I mean, they would threaten you all of the time... It's like, 'Well, next time, we're just going to go with Fitch and S&P.'
3493:
2154:) have proposed removing the NRSRO rules completely. Professor Frank Partnoy suggests that the regulators use the results of the credit risk swap markets rather than the ratings of NRSROs.
638:
The value of credit ratings for securities has been widely questioned. Hundreds of billions of securities that were given the agencies' highest ratings were downgraded to junk during the
2297:
1587:
However, when it was discovered that the mortgages had been sold to buyers who could not pay them, massive numbers of securities were downgraded, the securitization "seized up" and the
1564:
From 2000 to 2007, Moody's rated nearly 45,000 mortgage-related securities as triple-A. In contrast only six (private sector) companies in the United States were given that top rating.
4226:
1338:
with their interest in providing accurate ratings of securities for investors buying the securities. Issuers of securities benefit from higher ratings in that many of their customers—
5449:
1530:. However, bank models of risk assessment have proven less reliable than credit rating agency models, even in the base of large banks with sophisticated risk management procedures.
1610:—drive a large amount of business to the ratings agencies, and thus have a much greater potential to exert undue influence on a rating agency than a single corporate debt issuer.
1209:), which often prohibit financial institutions from purchasing securities rated below a certain level. For example, in the United States, in accordance with two 1989 regulations,
716:" credit rating agencies were established. Poor's Publishing Company began issuing ratings in 1916, Standard Statistics Company in 1922, and the Fitch Publishing Company in 1924.
5770:
ank models of risk assessment have proved to be even less reliable than credit ratings, including in the largest banks where risk management was widely believed to most advanced.
2124:
of France, Germany and Switzerland (while the US and the UK were rather lukewarm) have unduly encouraged the use of ready-made opinions produced by oligopolistic rating agencies
2132:
described the company as "a natural duopoly", with "incredible" pricing power, when asked by the Financial Crisis Inquiry Commission about his ownership of 15% of the company.
906:
Downgrades of European and US sovereign debt were also criticized. In August 2011, S&P downgraded the long-held triple-A rating of US securities. Since the spring of 2010,
7899:
4520:
Note: Based on equally weighted averages of monthly spreads per rating category. Spreads for BB and B represent data from 1979-87 only, spreads for CCC, data for 1982-87 only.
3693:
3968:
3601:
752:. Also during that time, major agencies changed their business model by beginning to charge bond issuers as well as investors. The reasons for this change included a growing
5109:
1799:
1420:
1035:, a credit rating agency analyzes the accounts of the issuer and the legal agreements attached to the bond to produce what is effectively a forecast of the bond's chance of
1025:
801:
the move away from "intermediated" financing (bank loans) toward cheaper and longer-term "disintermediated" financing (tradable bonds and other fixed income securities), and
1645:
now requires credit rating agencies to use an additional symbol with ratings for structured finance instruments in order to distinguish them from other rating categories.
7142:
3945:
In the late 1960s and early 1970s, raters began to charge fees to bond issuers to pay for ratings. Today, at least 75% of the agencies' income is obtained from such fees.
2143:
has eliminated competition between CRAs and practically forced market participants to use the services of the three big agencies, Standard and Poor's, Moody's and Fitch.
6275:
686:. These agencies rated the ability of merchants to pay their debts and consolidated these ratings in published guides. The first such agency was established in 1841 by
627:
that a security pays out, with higher ratings leading to lower interest rates. Individual consumers are rated for creditworthiness not by credit rating agencies but by
1934:
5487:
2194:
A debt instrument is any type of documented financial obligation. A debt instrument makes it possible to transfer the ownership of debt so it can be traded. (source:
6738:
1998:
4317:
2887:
When the phrase NRSRO was first used, the SEC was referring to the three agencies that had a national presence at that time, Moody's, Standard and Poor's and Fitch.
2094:
have been suggested as an alternative to both the subscription and issuer-pays models, although it is a recent development as of the 2010, and not yet widely used.
1020:
The ratings ... are and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell, or hold any securities.
5404:
5138:
1437:
magazine credits the free speech defence at least in part for the fact that "41 legal actions targeting S&P have been dropped or dismissed" since the crisis.
5017:
1970:
6345:
3613:
https://digitalcommons.mainelaw.maine.edu/cgi/viewcontent.cgi?referer=https://www.google.com/&httpsredir=1&article=1003&context=faculty-publications
3446:
Investors, including public pension funds and foreign banks, lost hundreds of billions of dollars, and have since filed dozens of lawsuits against the agencies.
6765:
1772:
7659:
4822:
3837:
8047:
7174:(chart of percentage of outstanding credit ratings reported to the SEC 2007 and 2011; and Moody's revenue and income 1996, 2000, 2010, 2012)| mcclatchydc.com
4389:
3209:(chart of percentage of outstanding credit ratings reported to the SEC 2007 and 2011; and Moody's revenue and income 1996, 2000, 2010, 2012)| mcclatchydc.com
2176:
2171:
2050:
1870:
1743:
2461:
4467:
4158:
3083:
2860:
1731:
5949:
2157:
The CRAs have made competing suggestions that would, instead, add further regulations that would make market entrance even more expensive than it is now.
1775:, and relied on such agencies exclusively for distinguishing between grades of creditworthiness in various regulations under federal securities laws. The
7139:
In the 12 months that ended in June 2011, the SEC reported that the big three issued 97% of all credit ratings, down only 1% from 98% in 2007. (sources:
2389:
1057:
speculative grade. Fitch and S&P use pluses and minuses (e.g., AA+ and AA−), and Moody's uses numbers (e.g., Aa1 and Aa3) to add further gradations.
7278:
5753:
5514:
2797:
7325:
8046:
For a renewed approach of CRAs business model, see Vincent Fabié, A Rescue Plan for rating Agencies, Blue Sky—New Ideas for the Obama Administration
7563:
6873:
3276:
3249:
1914:
1779:
of 2006 created a voluntary registration system for CRAs that met a certain minimum criteria, and provided the SEC with broader oversight authority.
1312:
A number of explanations of the rating agencies' inaccurate ratings and forecasts have been offered, especially in the wake of the subprime crisis:
1013:
8063:
Rating Agencies in the Face of Regulation—Rating Inflation and Regulatory Arbitrage, by Opp, Christian C., Opp, Marcus M. and Harris, Milton (2010).
4907:
4870:
3546:
In 2007, as housing prices began to tumble, Moody's downgraded 83% of the $ 869 billion in mortgage securities it had rated at the AAA level in 2006
2961:
1787:
accord, a global bank capital standardization effort, relies on credit ratings to calculate minimum capital standards and minimum liquidity ratios.
1690:
economic developments. Differences in sovereign ratings between agencies may reflect varying qualitative evaluations of the investment environment.
881:
As the influence and profitability of CRAs expanded, so did scrutiny and concern about their performance and alleged illegal practices. In 1996 the
7167:
5174:
5143:
3501:
3202:
2426:
1922:
1296:
1028:, this protection has been removed, but how the law will be implemented remains to be determined by rules made by the SEC and decisions by courts.
703:, demand rose for such independent market information, in particular for independent analyses of bond creditworthiness. In 1909, financial analyst
6408:
3776:
7928:
7230:
6173:
3746:
7481:
5832:
Adam Davidson: So it took several hundred years for the world to get to $ 36 trillion. And then it took six years to get another $ 36 trillion.
3529:
3220:
3166:
By 2006, Moodys' had earned more revenue from structured finance – $ 881 million – than all its business revenues combined for 2001
3149:
2238:
1938:
1544:
1357:
The rating agencies may have been significantly understaffed during the subprime boom and thus unable to properly assess every debt instrument.
1230:
566:
46:
6846:
6819:
6678:
5302:
5288:
4627:
1535:
complicated or risky CDOs are unusual and some issuers create structured products relying solely on internal analytics to assess credit risk.
6651:
4971:""In Search of Transparency, Accountability, and Competition: The Regulation of Credit Rating Agencies", remarks at "The SEC Speaks in 2009""
4234:
4126:
3666:
3628:
1883:
7580:
6711:
5781:
set up by the US Congress and President to investigate the causes of the crisis, and publisher of the Financial Crisis Inquiry Report (FCIR)
1877:, and in October 2012 several announced plans to join together and create a new organization called the Universal Credit Rating Group. The
4600:
3602:
https://scholarlycommons.law.case.edu/cgi/viewcontent.cgi?referer=https://www.google.com/&httpsredir=1&article=1136&context=jil
7503:
7742:
7308:
7095:
1493:
Credit ratings for structured finance instruments may be distinguished from ratings for other debt securities in several important ways.
517:
4290:
6927:
4260:
7464:"Securities and Exchange Commission: Action Needed to Improve Rating Agency Registration Program and Performance-related Disclosures"
4362:
6900:
5615:
3709:
1241:
699:'s publishing company, which produced a publication compiling financial data about the railroad and canal industries. Following the
1977:(U.S.), Muros Ratings (Russia, alternative rating company), Public Sector Credit Solutions (U.S., not-for profit rating provider),
1316:
The methodologies employed by agencies to rate and monitor securities may be inherently flawed. For instance, a 2008 report by the
1557:, providing reassurance of the soundness of the securities to money manager investors with "no history in the mortgage business".
6792:
6310:
1982:
1798:, legislators in the United States and other jurisdictions have commenced to reduce rating reliance in laws and regulations. The
1768:
7535:
In some countries, credit rating agencies are starting to provide other types of services, including credit reporting serv-ices.
7337:
3810:
7621:
7150:
5922:
558:
obligations, of debt instruments, and in some cases, of the servicers of the underlying debt, but not of individual consumers.
2929:
1424:
analyses so investors can make better decisions. An amendment to the act also specifies that ratings are not protected by the
741:
to a handful of the most creditworthy countries, after a number of defaults of bonds issued by governments such as Germany's.
7784:
7373:
6679:"The Role of Credit Rating Agencies in the Establishment of Capital Standards for Financial Institutions in a Global Economy"
6287:
6249:
2343:
2113:
2049:—which allowed investors to freely share agencies' reports and undermined demand for subscriptions. Today, eight of the nine
239:
6452:
4644:
A more recent example is the 1989 regulation allowing pension funds to invest in asset-backed securities rated A or higher.
1694:
initiated, the rating agency will continue to monitor for relevant developments and adjust its credit opinion accordingly.
1471:
4047:
2769:
In this era of rating conservatism, sovereign rating coverage was reduced to a handful of the most creditworthy countries.
7527:
4325:
1550:
1475:
882:
5877:
Wall Street called this practice. A more accurate term would have been ratings laundering." (source: McLean and Nocera,
546:, which rate a debtor's ability to pay back debt by making timely principal and interest payments and the likelihood of
7669:
7105:
7075:
6937:
6910:
6883:
6856:
6829:
6802:
6775:
6748:
6721:
6661:
6464:
6355:
6183:
5763:
5736:
5726:
5709:
5524:
5497:
5353:
5211:
5063:
4949:
4832:
4771:
4576:
4399:
4372:
4300:
4136:
4030:
3931:
3878:
3847:
3786:
3676:
3402:
3346:
3032:
2988:
2755:
2698:
2607:
2524:
2166:
1930:
1817:
1660:
1408:
730:
713:
650:
5021:
3429:
8076:
6106:
6045:
6008:
4736:
4676:
4610:
3703:
3133:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. pp. 43–44.
2939:
2643:
2434:. The Role of Credit Reporting Systems in the International Economy. Washington, D.C.: The World Bank. Archived from
2401:
895:
80:
5405:"Bill Summary & Status – 111th Congress (2009–2010) – H.R.4173 – All Information – THOMAS (Library of Congress)"
2277:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. pp. 228–9.
1001:. In market practice, a significant bond issuance generally has a rating from one or two of the Big Three agencies.
6073:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. pp. xxv.
5166:
2022:
and the issuer-pays model. However, agencies may offer additional services using a combination of business models.
2002:
1407:. Since that time, major agencies have put extra effort into detecting them and discouraging their use, and the US
6158:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. p. 210.
8117:
7949:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. p. 207.
5866:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. p. xxv.
5799:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. p. 44.
3590:
1874:
1866:
1852:
1776:
639:
510:
6453:"38: Can Sovereign Credit Ratings Promote Financial Sector Development and Capital Inflows to Emerging Markets?"
4486:
3569:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. p. 122
3102:
2879:
2038:
1825:
1618:
658:
7029:
6694:
5946:
5459:
4340:
4270:
3756:
3638:
2264:
1638:
1568:
1479:
915:
858:
808:
based on (among other things) global capital markets and arms-length relations between government and industry.
725:
704:
643:
601:
166:
121:
3591:"Recommendations of the Securities Industry and Financial Markets Association Credit Rating Agency Task Force"
5408:
2805:
1986:
1641:, various legal requirements were introduced to increase the transparency of structured finance ratings. The
1257:
1249:
17:
7865:
7554:
4193:
7723:
6982:
6419:
3303:
3284:
3257:
2030:
1821:
1622:
1261:
1214:
1051:
654:
6999:
5540:
1575:". Cheaper and easier to create than ordinary "cash" CDOs, they paid insurance premium-like payments from
7686:
4881:
2900:"Oversight of Credit Rating Agencies Registered as Nationally Recognized Statistical Rating Organization"
2312:
2071:
2067:
2059:
2019:
1978:
1702:
1678:
1253:
1245:
820:
blossomed in the late 1970s, expanding securities financing to firms other than a few large, established
682:
Mercantile credit agencies—the precursors of today's rating agencies—were established in the wake of the
7164:
5814:
4571:. Ithaca, New York: Cornell University Press. p. 36, Bond Rating Symbols and Definitions, Table 2.
3199:
2781:
White, Ben (31 January 2002). "Do Rating Agencies Make the Grade?; Enron Case Revives Some Old Issues".
2435:
1763:. In the following decades, state regulators outlined a similar role for agency ratings in restricting
7809:
7239:
6576:"Comments on S7-12-03: Rating Agencies and the Use of Credit Ratings under the Federal Securities Laws"
4852:
4534:
Cantor, R., Hamilton, D.T., Kim, F., and Ou, S., 2007 Corporate default and recovery rates. 1920-2006,
4449:
1962:
1873:(NRSROs). While these other agencies remain niche players, some have gained market share following the
712:
agencies, using letters to indicate their creditworthiness. In the next few years, antecedents of the "
503:
365:
141:
7048:
6953:
5020:. International Herald Tribune via Internet Archive. Associated Press. August 22, 2008. Archived from
2597:
952:
7846:
7122:
6132:
5965:
5430:
4072:
1950:
1317:
963:, CRAs theoretically reduce information costs, increase the pool of potential borrowers, and promote
724:
In the United States, the rating industry grew and consolidated rapidly following the passage of the
58:
3533:
3224:
3153:
2568:
2242:
1760:
1697:
A 2010 International Monetary Fund study concluded that ratings were a reasonably good indicator of
1510:
restricted to higher-rated debt, and for use by banks wanting to reduce costly capital requirements.
5313:
5239:"The financial crisis and the regulation of credit rating agencies: A European banking perspective"
1966:
1795:
1631:
1387:
1321:
1273:
891:
854:
821:
665:
controls a further 15%. They are externalized sell-side functions for the marketing of securities.
597:
161:
62:
8054:
Frank J. Fabozzi and Dennis Vink (2009). "On securitization and over-reliance on credit ratings".
3458:
Utley, Michael (12 June 1996). "Orange County widens lawsuit to include S&P, Morgan Stanley".
6929:
Corporate Governance Failures: The Role of Institutional Investors in the Global Financial Crisis
5263:
4424:
3894:
3726:
1899:
1654:
1614:
1445:
1372:
The functional use of ratings as regulatory mechanisms may inflate their reputation for accuracy.
616:
481:
7599:
7374:"SFC achieves smooth transition for credit rating agencies falling within new regulatory regime"
5201:
5055:
4700:"Sovereign Rating News and Financial Markets spillovers: Evidence from the European Debt Crisis"
4566:
3921:
3473:"Ratings in structured finance: what went wrong and what can be done to address shortcomings?".
3392:
3336:
3022:
2978:
2745:
2688:
2514:
2082:, was fined by the SEC for violating securities rules to the benefit of its largest subscriber.
8061:
For a theoretical analysis of the impact of regulation on rating agencies' business model, see
7510:
5238:
4668:
4019:
John B Caouette; Edward Altman; Paul Narayanan; Robert Nimmo (2008). "6: The Rating Agencies".
2563:
1953:(U.S.), Global Credit Ratings Co. (South Africa), HR Ratings de México, S.A. de C.V. (Mexico),
1909:
Infomerics Credit Rating Nepal Limited (Nepal), Acuité Ratings & Research Limited (India),
1723:
1400:
1205:
The market also follows the benefits from ratings that result from government regulations (see
1186:
922:
instability, S&P downgraded nine eurozone countries, stripping France and Austria of their
612:
585:
340:
187:
8027:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
7749:
6231:
6098:
6037:
6000:
5345:
5339:
5203:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
4941:
4935:
4763:
4757:
4728:
4568:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
3923:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
3870:
3864:
3691:
3394:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
3338:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
3024:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
2980:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
2747:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
2690:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
2516:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
2128:
returns one might expect in an industry which has high barriers to entry. Celebrated investor
54:
4020:
1997:(Switzerland, alternative rating organization), Feller Rate Clasificadora de Riesgo (Chile),
1794:
Against this background and in the wake of criticism of credit rating agencies following the
1467:
1354:—are prohibited by law or otherwise restrained from buying securities below a certain rating.
998:
850:
415:
280:
229:
217:
151:
6552:
5583:
5371:"The Siskel and Ebert of Financial Markets?: Two Thumbs Down for the Credit Rating Agencies"
4426:
Global Financial Stability Report Chapter 3: The Uses and Abuses of Sovereign Credit Ratings
3896:
Global Financial Stability Report Chapter 3: The Uses and Abuses of Sovereign Credit Ratings
3728:
Global Financial Stability Report Chapter 3: The Uses and Abuses of Sovereign Credit Ratings
8037:
8033:
6600:
5668:
2634:
Corporate Senior Securities: Analysis and Evaluation of Bonds, Convertibles, and Preferreds
2140:
1487:
1335:
797:
of the 1980s and 90s that brought significant expansion for the global capital market were
773:
570:
491:
425:
310:
300:
270:
224:
202:
112:
7961:
7941:
6902:
The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Consequences
6150:
6065:
5858:
5791:
4099:
3561:
3125:
3059:
2269:
2209:
2090:
stock and bond exchanges pay for the ratings. Crowd-sourced, collaborative models such as
849:
was another growth area of growth. The "financial engineering" of the new "private-label"
8:
7262:
Yali N'diaye (26 February 2013). "Analysis: Can The US Rating Landscape Really Change?".
5626:
5264:"Report of the Financial Stability Form on Enhancing Market and Institutional Resilience"
5197:
4970:
4699:
4562:
3917:
3388:
3332:
3018:
2974:
2828:
2741:
2684:
2510:
1946:
1869:
of 2006 in the US, seven additional rating agencies attained recognition from the SEC as
1840:
1764:
1576:
1351:
1287:'s preferred stock triple-A until mid-2008, when it was downgraded to one tick above the
805:
476:
446:
395:
2462:"Ratings game: Power of S&P, other top credit agencies, grew from government action"
2195:
2029:
The subscription approach was the prevailing business model until the early 1970s, when
1843:
who offer information about the risk and volatility of securities to their clients. And
1553:
has described the Big Three rating agencies as "key players in the process" of mortgage
804:
the global move away from state intervention and state-led industrial adjustment toward
6506:
6219:
5048:
4661:
3695:
Conflicts of Interest in the Financial Services Industry: What Should We Do about Them?
2899:
1607:
1463:
1457:
1237:
944:
923:
846:
830:
753:
608:
486:
315:
234:
207:
156:
8102:
4018:
3808:
1526:
assessment in accordance with mathematical models, and may thus introduce a degree of
1280:
1005:
1004:
CRAs theoretically provide investors with an independent evaluation and assessment of
8072:
7665:
7341:
7101:
7071:
6933:
6906:
6879:
6852:
6825:
6798:
6771:
6744:
6717:
6713:
Global Financial Development Report 2013: Rethinking the Role of the State in Finance
6690:
6657:
6460:
6351:
6227:
6179:
6102:
6091:
6041:
6030:
6004:
5993:
5759:
5755:
Global Financial Development Report 2013: Rethinking the Role of the State in Finance
5732:
5705:
5520:
5493:
5455:
5349:
5207:
5059:
4945:
4828:
4767:
4732:
4721:
4672:
4606:
4572:
4478:
4395:
4368:
4296:
4266:
4132:
4026:
3927:
3874:
3843:
3782:
3752:
3699:
3672:
3634:
3398:
3342:
3094:
3028:
2984:
2935:
2871:
2751:
2694:
2639:
2632:
2603:
2520:
2397:
2371:
2151:
1974:
1861:
magazine—led to a drop in the share of the three by just one percent—from 98 to 97%.
1698:
1507:
1347:
1036:
696:
547:
471:
451:
375:
275:
260:
212:
171:
96:
7999:
7980:
6510:
6223:
5926:
1240:
not downgraded until just before (or even after) bankruptcy. These include the 1970
631:(also called consumer reporting agencies or credit reference agencies), which issue
7768:"An economic analysis of credit rating agency business models and ratings accuracy"
7706:"An economic analysis of credit rating agency business models and ratings accuracy"
7185:
6496:
6211:
4364:
Capital Structure and Corporate Financing Decisions: Theory, Evidence, and Practice
2573:
1361:
1330:
The rating agencies' interest in pleasing the issuers of securities, who are their
964:
826:
794:
745:
738:
620:
619:, or sovereign nations. A credit rating facilitates the trading of securities on a
466:
360:
345:
330:
325:
305:
192:
136:
7791:
7740:
6308:
7915:
M. Nicolas J. Firzli, "A Critique of the Basel Committee on Banking Supervision"
7340:. Bangladesh Securities and Exchange Commission. 2 September 2008. Archived from
7171:
6817:
6575:
5953:
3206:
2366:
Cantor, Richard; Packer, Frank (Summer–Fall 1994). "The credit rating industry".
2344:
Buy Now Pay Later Sites: The History of Personal Credit | Buy Now Pay Later Sites
2288:
1844:
1711:
1701:
risk. However, credit rating agencies were criticized for failing to predict the
1588:
1425:
1288:
1040:
956:
940:
911:
835:
817:
749:
593:
577:
461:
456:
410:
400:
380:
295:
285:
8038:
IOSCO Statement of Principles Regarding the Activities of Credit Rating Agencies
7785:"Report of the Committee on Comprehensive Regulation for Credit Rating Agencies"
7767:
7705:
7597:
6925:
6563:
5947:
Brookings Institution – U.S. Financial and Economic Crisis June 2009 PDF Page 14
1292:
suggesting it is the market that alerts the CRAs of trouble and not vice versa.
7640:
3373:"Watching the Watchers: Justice Department Launches Probe of Moody's Ratings".
2713:
into their prudential rules for investment by pension funds in the early 1930s.
2129:
2015:
1990:
1878:
1855:—where the performance of the three rating agencies was dubbed "horrendous" by
1670:
1642:
1600:
1554:
1523:
1441:
1339:
986:
589:
581:
320:
265:
255:
146:
8097:
6485:"The Credit Rating Agencies — Are They Reliable? A Study of Sovereign Ratings"
4995:(Chairman of the Financial Crisis Inquiry Commission Chairman, Phil Angelides)
2829:"The Role and Impact of Credit Rating Agencies on the Subprime Credit Markets"
1411:
requires that public companies in the United States disclose their existence.
1269:
914:" status—a move that many EU officials say has accelerated a burgeoning
8111:
6501:
6484:
5893:
5447:
5117:
4482:
3809:
Edward Altman; Sabri Oncu; Anjolein Schmeits; Lawrence White (6 April 2010).
3692:
Andrew Crockett; Trevor Harris; Frederic S. Mishkin; Eugene N. White (2003).
3098:
2875:
2422:
2375:
2136:
2034:
1903:
1857:
1829:
1626:
1572:
1483:
1383:
1265:
1032:
980:
887:
870:
866:
778:
700:
683:
662:
628:
624:
543:
430:
405:
290:
126:
4507:
from Altman, Edward I "Measuring Corporate Bond Mortality and Performance"
1213:
are prohibited from investing in asset-backed securities rated below A, and
7463:
6871:
6790:
6682:
5303:"The Role and Criticisms of Credit Rating Agencies in the Financial Crisis"
4697:
3179:
2121:
2042:
1958:
1596:
1503:
1395:
1343:
1210:
1199:
968:
960:
687:
632:
370:
355:
335:
7279:"New credit rating agency to align with common interests of human society"
7097:
Handbook of Key Global Financial Markets, Institutions, and Infrastructure
6653:
Handbook of Key Global Financial Markets, Institutions, and Infrastructure
6377:
6347:
Handbook of Key Global Financial Markets, Institutions, and Infrastructure
6250:"Corrupted credit ratings: Standard & Poor's lawsuit and the evidence"
6175:
Handbook of Key Global Financial Markets, Institutions, and Infrastructure
5489:
Handbook of Key Global Financial Markets, Institutions, and Infrastructure
4853:"Wall Street & the Financial Crisis - Anatomy of a Financial Collapse"
4602:
The Rating Agencies and Their Credit Ratings: What They Are, How They Work
4450:"Wall Street & the Financial Crisis - Anatomy of a Financial Collapse"
4391:
The Handbook of Convertible Bonds: Pricing, Strategies and Risk Management
3668:
Handbook of Key Global Financial Markets, Institutions, and Infrastructure
2659:
1847:
working in a variety of fields offer credit models and default estimates.
6983:"Annual Report on Nationally Recognized Statistical Rating Organizations"
6875:
Credit Rating Agencies on the Watch List: Analysis of European Regulation
6794:
Credit Rating Agencies on the Watch List: Analysis of European Regulation
6527:
6215:
5098:. EFMA 2003 Helsinki Meetings. European Financial Management Association.
5081:
Kliger, D. and O. Sarig (2000), "The Information Value of Bond Ratings",
4227:"Overhaul of rating agencies bogs down four years after financial crisis"
2577:
2066:
of the U.S. and Russia's RusRatings, uses the investor-pays model, while
2046:
1666:
1429:
1365:
1284:
990:
985:
Credit rating agencies provide assessments about the creditworthiness of
936:
910:
one or more of the Big Three relegated Greece, Portugal, and Ireland to "
862:
757:
420:
390:
385:
350:
7394:
7207:
6378:"Sovereign Debt in Advanced Economies: Overview and Issues for Congress"
4850:
4447:
3997:
7893:"What We Thought We Knew: The Financial System and Its Vulnerabilities"
7790:. Securities and Exchange Board of India. December 2009. Archived from
7741:
Jonathan Katz; Emanuel Salinas; Constantinos Stephanou (October 2009).
7469:. United States Government Accountability Office. 2010. pp. 60–61.
6309:
Jonathan Katz; Emanuel Salinas; Constantinos Stephanou (October 2009).
5581:
4097:
2729:
Powershift: Knowledge, wealth, Violence at the Edge of the 21st Century
2292:
2109:
2091:
2086:
2079:
2063:
2054:
1994:
1910:
1895:
1674:
1527:
1391:
994:
7581:"Issuer-pays model ensures ratings are available to the entire market"
6276:"Why did rating agencies do such a bad job rating subprime securities"
4022:
Managing Credit Risk: The Great Challenge for Global Financial Markets
3430:"S&P Lawsuit First Amendment Defense May Fare Poorly, Experts Say"
1717:
104:
8022:, by Scott A. Sandage (Harvard University Press, 2005), chapters 4–6.
7929:« Dagong, the new Chinese bad guy or a fair player ? »
7303:
3494:"SEC's Notice to S&P May Signal Enforcement Cases Against Raters"
2103:
1784:
1749:
1606:
A small number of arrangers of structured finance products—primarily
8062:
8053:
6821:
Prudent Lending Restored: Securitization After the Mortgage Meltdown
6818:
Yasuyuki Fuchita; Richard J. Herring; Robert E. Litan, eds. (2009).
6203:
646:
of 2010–12 were blamed by EU officials for accelerating the crisis.
7622:"Credit Ratings Agencies from China, Russia and the US Join Forces"
7030:"SEC says credit rating industry remains plagued by weak oversight"
6926:
James P. Hawley; Shyam J. Kamath; Andrew T. Williams, eds. (2010).
5698:"7: Credit Rating Agencies, Exchanges, and Clearing and Settlement"
5341:
All the Devils Are Here: The Hidden History of the Financial Crisis
4937:
All the Devils Are Here: The Hidden History of the Financial Crisis
4759:
All the Devils Are Here, the Hidden History of the Financial Crisis
3866:
All the Devils Are Here: The Hidden History of the Financial Crisis
3189:. National Bureau of Economic Research, NBER Macroeconomics Annual.
2298:
All the Devils Are Here: The Hidden History of the Financial Crisis
2150:
To solve this problem, Ms. Casey (and others such as NYU professor
2117:
1917:(Nigeria), ARC Ratings (UK) & (EU), DataPro Limited (Nigeria),
1886:, a new global agency touted as an alternative to the "Big Three".
1707:
919:
131:
7361:
5669:"The Role of Credit Rating Agencies in Structured Finance Markets"
5096:
The quality of corporate credit rating: An empirical investigation
2120:/III "capital adequacy" norms favored at first essentially by the
1360:
Agency analysts may be underpaid relative to similar positions at
7320:
5512:
4871:"The Credit-Raters: How They Work and How They Might Work Better"
3277:"Flawed Credit Ratings Reap Profits as Regulators Fail (Update1)"
3250:"Flawed Credit Ratings Reap Profits as Regulators Fail (Update1)"
1515:
1499:
197:
8032:
For a description of what CRAs do in the corporate context, see
7829:"Crowd Sourced Rating Firms Join Forces;Target SEC Registration"
7721:
7143:"Industry wrote provision that undercuts credit-rating overhaul"
5674:. International Organization of Securities Commissions. May 2008
5139:"Media Release: 18-042MR ASIC reports on Credit Rating Agencies"
4159:"Credit Ratings Can't Claim Free Speech in Law Giving New Risks"
2554:
White, Lawrence J. (Spring 2010). "The Credit Rating Agencies".
7600:"Does it matter who pays for bond ratings? Historical evidence"
1403:). These ratings triggers were instrumental in the collapse of
948:
551:
7065:
6763:
6736:
6406:
4387:
3027:. Ithaca, New York: Cornell University Press. pp. 57–59.
2983:. Ithaca, New York: Cornell University Press. pp. 54–56.
7765:
7703:
7598:
John (Xuefeng) Jiang; Mary Harris Stanford; Yuan Xie (2012).
6687:
Regulating Financial Services and Markets in the 21st Century
4360:
4292:
Public-Private Partnerships: Principles of Policy and Finance
2313:"The Story of the CDO Market Meltdown: An Empirical Analysis"
1941:(Bangladesh), CSPI Ratings (Hong Kong), CTRISKS (Hong Kong),
1404:
899:
869:"—made them "harder to understand and to price" and became a
45:
deal primarily with the United States and do not represent a
7436:
7397:. U.S. Securities and Exchange Commission. 25 September 2008
6204:"Structured Debt Ratings: Evidence on Conflicts of Interest"
4432:. International Monetary Fund. October 2010. pp. 88–89.
4224:
5728:
Risk Management: Foundations For a Changing Financial World
5310:
The Financial Crisis of 2008: French and American Responses
3397:. Ithaca, New York: Cornell University Press. p. 152.
3341:. Ithaca, New York: Cornell University Press. p. 154.
2519:. Ithaca, New York: Cornell University Press. p. 119.
1942:
1771:(SEC) recognized the largest and most credible agencies as
555:
7415:
7376:. Hong Kong Securities and Futures Commission. 2 June 2011
5821:. This American Life (radio program) from WBEZ. 9 May 2008
5448:
Frank J. Fabozzi; Henry A. Davis; Moorad Choudhry (2006).
4900:"Credit Agencies Waited Months to Voice Doubt About Enron"
4851:
Permanent Subcommittee on Investigations (13 April 2011).
4538:
Moody's investor Service, June Report 102071, 1-48 page 24
4448:
Permanent Subcommittee on Investigations (13 April 2011).
3926:. Ithaca, New York: Cornell University Press. p. 29.
2750:. Ithaca, New York: Cornell University Press. p. 26.
2693:. Ithaca, New York: Cornell University Press. p. 26.
1816:
Credit rating is a highly concentrated industry, with the
649:
Credit rating is a highly concentrated industry, with the
7482:"Moody's to boost investor confidence with new data feed"
6988:. U.S. Securities and Exchange Commission. December 2012.
6703:
5289:
The Great Ratings Game: How Countries Become Creditworthy
5110:"Ratings agencies give themselves big tick on compliance"
3748:
Common Goods: Reinventing European Integration Governance
3177:
1828:(S&P) together control 80% of the global market, and
1421:
Dodd–Frank Wall Street Reform and Consumer Protection Act
661:(S&P) together control 80% of the global market, and
8034:
IOSCO Report on the Activities of Credit Rating Agencies
7501:
6247:
6201:
5337:
4933:
4755:
4698:
Rabah Arezki; Bertrand Candelon; Amadou N.R. Sy (2011).
4098:
The Financial Crisis Inquiry Commission (January 2011).
3902:. International Monetary Fund. October 2010. p. 2.
3381:
2934:. Abingdon, UK and New York, NY: Routledge. p. 15.
2931:
European corporate governance: readings and perspectives
1929:(China), CSCI Pengyuan Credit Ratings Co., Ltd (China),
1399:
full at once, it is forced into bankruptcy (a so-called
1012:
informed opinions, protected as "free speech" under the
7722:
Jeannette Neumann; Aaron Lucchetti (6 September 2010).
4598:
2595:
2001:(Chile, previously known as Moody's partner in Chile),
1965:(Japan), JCR VIS Credit Rating Company Ltd (Pakistan),
1820:
controlling approximately 95% of the ratings business.
967:. These functions may increase the supply of available
760:
and the increased complexity of the financial markets.
653:
controlling approximately 95% of the ratings business.
7743:"Credit Rating Agencies: No Easy Regulatory Solutions"
7210:. U.S. Securities and Exchange Commission. 12 May 2011
6872:
Raquel García Alcubilla; Javier Ruiz del Pozo (2012).
6791:
Raquel García Alcubilla; Javier Ruiz del Pozo (2012).
6311:"Credit Rating Agencies: No Easy Regulatory Solutions"
5745:
3811:"What Should be Done About the Credit Rating Agencies"
3481:. Committee on the Global Financial System. July 2008.
2955:
2051:
nationally recognized statistical rating organizations
1773:
Nationally Recognized Statistical Rating Organizations
756:
related to the increasing availability of inexpensive
744:
In the late 1960s and 1970s, ratings were extended to
7458:
7456:
6645:
6450:
6318:
Crisis Response: Public Policy For the Private Sector
5724:
5691:
5689:
3778:
Internal and External Aspects of Corporate Governance
2928:
Clarke, Thomas; Chanlat, Jean-François, eds. (2009).
2909:. Securities and Exchange Commission. 2 February 2007
2734:
2428:
A Historical Primer on the Business of Credit Ratings
2177:
Securities Industry and Financial Markets Association
2172:
Nationally recognized statistical rating organization
1871:
nationally recognized statistical rating organization
1744:
Nationally recognized statistical rating organization
1665:
Credit rating agencies also issue credit ratings for
7023:
7021:
6643:
6641:
6639:
6637:
6635:
6633:
6631:
6629:
6627:
6625:
5582:
Joshua D. Coval; Jakub Jurek; Erik Stafford (2008).
5516:
Finance in Asia: Institutions, Regulation and Policy
5300:
4552:
cited by authors Herwig Langohr and Patricia Langohr
4048:"A First Amendment Defense for the Rating Agencies?"
3013:
3011:
2591:
2589:
2587:
1993:(Australia, previously known as Baycorp Advantage),
1732:
International Organization of Securities Commissions
1538:
1451:
8025:On contemporary dynamics, see Timothy J. Sinclair,
8018:On the history and origins of credit agencies, see
6286:. University of Pittsburgh: 585–608. Archived from
5225:
Quoting Robert Clow in Institutional Investor, 1999
4466:Cantor, Richard; Packer, Frank (Summer–Fall 1994).
4065:
3626:
3274:
3247:
3082:Cantor, Richard; Packer, Frank (Summer–Fall 1994).
2859:Cantor, Richard; Packer, Frank (Summer–Fall 1994).
2652:
2370:. Federal Reserve Bank of New York. pp. 1–26.
2097:
1718:
Conflict of interest in assigning sovereign ratings
1669:borrowers, including national governments, states,
1567:Rating agencies were even more important in rating
7866:"SEC seeks rating sector clean-up | Business"
7553:
7520:
7453:
7238:
6090:
6029:
5992:
5686:
5547:. American City Business Journals. 5 December 2007
5312:. University of Maine. p. 567. Archived from
5047:
4803:. Journal of Economic Perspectives. Archived from
4720:
4660:
4225:Jia Lynn Yang; Dina ElBoghdady (6 February 2013).
3302:Younglai, Rachelle; daCosta, Ana (2 August 2011).
2631:
2599:Financial Gatekeepers: Can They Protect Investors?
2505:
2503:
2501:
2499:
2497:
2495:
2493:
2491:
2489:
2487:
2388:
7766:Damien Fennell; Andrei Medvedev (November 2011).
7704:Damien Fennell; Andrei Medvedev (November 2011).
7684:
7276:
7027:
7018:
6977:
6975:
6973:
6971:
6932:. University of Pennsylvania Press. p. 216.
6676:
6622:
6482:
6407:Jakob de Haan; Fabian Amtenbrink (January 2011).
6375:
5702:Investment Banks, Hedge Funds, and Private Equity
5623:Global Securitisation and Structured Finance 2003
5041:
5039:
4824:Investment Banks, Hedge Funds, and Private Equity
4795:
4475:Federal Reserve Bank of New York Quarterly Review
4338:
3967:. CAHILL GORDON & REINDEL LLP. Archived from
3839:Investment Banks, Hedge Funds, and Private Equity
3523:
3521:
3519:
3091:Federal Reserve Bank of New York Quarterly Review
3008:
2967:
2868:Federal Reserve Bank of New York Quarterly Review
2660:"Moody's History: A Century of Market Leadership"
2629:
2602:. Washington, D.C.: Brookings Institution Press.
2584:
2368:Federal Reserve Bank of New York Quarterly Review
1955:The Pakistan Credit Rating Agency Limited (PACRA)
1206:
8109:
7826:
7657:
7261:
7228:
7000:"S&P warning puts damper on Eurogroup plans"
6208:Swiss Finance Institute Research Paper No. 13-21
5844:much all of Moody's growth."|McLean and Nocera,
5616:"A securitisation primer for first time issuers"
5175:Australian Securities and Investments Commission
5144:Australian Securities and Investments Commission
5050:The Big Short : Inside the Doomsday Machine
4718:
4477:. Federal Reserve Bank of New York. p. 10.
4258:
3862:
3366:
3304:"Insight: When ratings agencies judge the world"
2774:
2549:
2547:
2545:
2543:
1648:
1297:Australian Securities and Investments Commission
7270:
6243:
6241:
5236:
3910:
3745:Gerard Caprio (2002). Adrienne Heritier (ed.).
3630:Business Knowledge for IT in Investment Banking
3492:Gallu, Joshua; Faux, Zeke (27 September 2011).
3325:
3301:
3275:Evans, David; Caroline Salas (April 29, 2009).
3248:Evans, David; Caroline Salas (April 29, 2009).
3093:. Federal Reserve Bank of New York. p. 2.
2870:. Federal Reserve Bank of New York. p. 8.
2826:
2804:. American Enterprise Institute. Archived from
2484:
1906:, other agencies and rating companies include:
1889:
1836:used as an alternative to S&P and Moody's.
1737:
7807:
7575:
7573:
7504:"Credit Rating Agencies: An Alternative Model"
7479:
6968:
6898:
6844:
6273:
5940:
5513:Qiao Liu; Paul Lejot; Douglas W Arner (2013).
5362:
5291:Foreign affairs (Council on Foreign Relations)
5206:. Ithaca, New York: Cornell University Press.
5036:
5018:"Freddie Mac courts investors, Buffett passes"
4555:
4131:. South-Western Cengage Learning. p. 49.
4012:
3804:
3802:
3800:
3798:
3532:. Council on Foreign Relations. Archived from
3530:"The Credit Rating Controversy. Campaign 2012"
3516:
3223:. Council on Foreign Relations. Archived from
3221:"The Credit Rating Controversy. Campaign 2012"
3152:. Council on Foreign Relations. Archived from
3150:"The Credit Rating Controversy. Campaign 2012"
3141:
2854:
2852:
2850:
2677:
2241:. Council on Foreign Relations. Archived from
2239:"The Credit Rating Controversy. Campaign 2012"
1939:Credit Rating Information and Services Limited
1545:Credit rating agencies and the subprime crisis
1231:Credit rating agencies and the subprime crisis
1224:
1217:from investing in securities rated below BBB.
567:environmental, social and corporate governance
8029:(Ithaca, NY: Cornell University Press, 2005).
7995:
7993:
7551:
7222:
7093:
7089:
7087:
7059:
6797:. Oxford University Press. pp. 272–273.
6649:
6343:
6339:
6337:
6335:
6171:
5695:
5485:
5481:
5479:
5477:
5475:
5473:
5471:
5381:(3). University of Washington. Archived from
5368:
5045:
4820:
4654:
4652:
4548:
4546:
4544:
4530:
4528:
4526:
4288:
4191:
4105:. US Government Printing Office. p. 120.
3835:
3744:
3664:
3417:business, this will undermine credit markets.
2927:
2562:(2). American Economic Association: 211–226.
2540:
2421:
2232:
2230:
2228:
2226:
2224:
2222:
2220:
2218:
1052:Bond credit rating § Credit rating tiers
974:
550:. An agency may rate the creditworthiness of
511:
43:The examples and perspective in this article
8086:, Vol. 68, No. 3 (2015), pp. 1016–1037.
8069:Stocks and Exchange – the only Book you need
8020:Born Losers: A History of Failure in America
7641:"China ratings firms challenge US dominance"
7509:. London School of Economics. Archived from
7068:The Rating Agencies and Their Credit Ratings
6848:The Rating Agencies and Their Credit Ratings
6767:The Rating Agencies and Their Credit Ratings
6740:The Rating Agencies and Their Credit Ratings
6528:"Credit-rating agencies: Judges with tenure"
6495:(1). Indian Institute of Management: 69–82.
6238:
6088:
6027:
5990:
5914:
5613:
5577:
5575:
5294:
5190:
5010:
4628:"Roots of Credit Rating Agency Shortcomings"
4465:
4459:
4318:"The difference between S&P and Moody's"
4315:
4156:
3774:
3734:. International Monetary Fund. October 2010.
3178:Benmelech, Efraim; Jennifer Dlugosz (2009).
3081:
2858:
2394:The rating agencies and their credit ratings
2365:
1983:SMERA Gradings & Ratings Private Limited
7981:A Triple-A Idea—Ending the rating oligopoly
7711:. Financial Services Authority. p. 19.
7619:
7570:
7555:"Issuer payment: model resistant to reform"
7497:
7495:
7183:
7123:"Free speech or knowing misrepresentation?"
6878:. Oxford University Press. pp. 42–46.
6845:Langohr, Herwig; Langohr, Patricia (2009).
6838:
6784:
6757:
6478:
6476:
6248:Matthias Efing; Harald Hau (18 June 2013).
5718:
5609:
5607:
5431:"Free speech or knowing misrepresentation?"
5397:
4927:
4714:
4712:
4419:
4417:
4415:
4413:
4411:
4341:"Why do S&P, Moody's and Fitch matter?"
4295:. Butterworth-Heinemann. pp. 135–137.
4284:
4282:
4194:"Civil Liability of Credit Rating Agencies"
4124:
4120:
4118:
4116:
4114:
4112:
4045:
3829:
3795:
3633:. Essvale Corporation Limited. p. 31.
3556:
3554:
3466:
3075:
2847:
2596:Yasuyuki, Fuchita; Robert E. Litan (2006).
2417:
2415:
2413:
2361:
2359:
2357:
2355:
2353:
2351:
2282:
1260:financial crises, the 1998 collapse of the
971:in the market and promote economic growth.
935:Credit rating agencies assess the relative
576:The debt instruments rated by CRAs include
7990:
7976:
7974:
7972:
7970:
7934:
7801:
7734:
7638:
7309:"Europe launches credit ratings offensive"
7200:
7084:
6865:
6709:
6522:
6520:
6371:
6369:
6367:
6332:
6202:Matthias Efing; Harald Hau (29 May 2013).
6165:
6143:
5958:
5851:
5751:
5468:
5331:
5256:
4814:
4693:
4691:
4649:
4599:Langohr, Herwig; Patricia Langohr (2010).
4541:
4523:
4443:
4441:
4439:
4152:
4150:
4148:
4073:"Free speech or knowing misrepresentation"
4039:
3990:
3887:
3622:
3620:
2789:
2723:
2721:
2215:
1919:Capital Intelligence Ratings Limited (CIR)
1462:Credit rating agencies play a key role in
1295:In February 2018, an investigation by the
930:
518:
504:
7678:
7651:
7547:
7545:
7543:
7528:"General Principles for Credit Reporting"
7066:Herwig Langohr; Patricia Langohr (2009).
6956:. U.S. Securities and Exchange Commission
6764:Herwig Langohr; Patricia Langohr (2009).
6737:Herwig Langohr; Patricia Langohr (2009).
6500:
6082:
5784:
5663:
5661:
5659:
5657:
5655:
5653:
5651:
5649:
5647:
5572:
5269:. Financial Stability Forum. 7 April 2008
4749:
4705:. International Monetary Fund. p. 5.
4503:
4501:
4499:
4388:Jan De Spiegeleer; Wim Schoutens (2011).
4381:
4332:
3770:
3768:
3751:. Rowman & Littlefield. p. 296.
3660:
3658:
3656:
3654:
3652:
3650:
3491:
2921:
2892:
2567:
2382:
1811:
1334:and benefit from high ratings, creates a
1016:. As one rating agency disclaimer read:
596:, and collateralized securities, such as
81:Learn how and when to remove this message
7724:"Ratings Firm is Fined in Misstate Case"
7715:
7492:
7473:
7437:"Scope Ratings | European Rating Agency"
6811:
6730:
6670:
6473:
6446:
6444:
6442:
6440:
5604:
5533:
5441:
5196:
5167:"Surveillance of credit rating agencies"
4846:
4844:
4791:
4789:
4787:
4785:
4783:
4709:
4658:
4592:
4561:
4408:
4361:H. Kent Baker; Gerald S. Martin (2011).
4356:
4354:
4279:
4254:
4252:
4109:
3916:
3738:
3685:
3551:
3485:
3451:
3387:
3331:
3120:
3118:
3052:
3017:
2973:
2740:
2683:
2509:
2410:
2396:. Wiley, John & Sons, Incorporated.
2348:
2310:
2139:, the regulation of CRAs by the SEC and
2102:Agencies are sometimes accused of being
2053:(NRSRO) use the issuer-pays model, only
1303:
1272:bankruptcies, and especially the 2007–8
1185:Agencies do not attach a hard number of
767:
7967:
7863:
7697:
6946:
6919:
6517:
6418:. De Nederlandsche Bank. Archived from
6402:
6400:
6398:
6364:
6197:
6195:
5920:
5758:. World Bank Publications. p. 60.
5075:
4688:
4619:
4436:
4220:
4218:
4216:
4214:
4187:
4185:
4183:
4181:
4179:
4145:
3856:
3721:
3719:
3698:. Centre for Economic Policy Research.
3617:
3241:
2718:
2453:
2304:
1769:U.S. Securities and Exchange Commission
1582:
14:
8110:
8056:Yale International Center for Finance.
7748:. The World Bank Group. Archived from
7591:
7540:
7231:"Get technical to fix rating agencies"
7140:
7028:Jeannette Neumann (16 November 2012).
6892:
6457:Sovereign Debt: From Safety to Default
5807:
5644:
5423:
5230:
5088:
4891:
4868:
4862:
4496:
4309:
3765:
3647:
3422:
3268:
3110:Table 1. Selected Bond Rating Agencies
2820:
2796:White, Lawrence J. (24 January 2009).
1969:(U.S.), Levin and Goldstein (Zambia),
1617:study of structured debt ratings from
1472:residential mortgage-backed securities
719:
569:(ESG) rating agencies and the Chinese
8067:Analysts and ratings = chapter 14 in
7820:
7777:
7632:
7613:
7277:Simon Rabinovitch (24 October 2012).
7186:"Bush Signs Rating Agency Reform Act"
7114:
7046:
6437:
6376:Rebecca M. Nelson (31 January 2013).
6302:
6267:
6089:McLean, Bethany; Nocera, Joe (2010).
6028:McLean, Bethany; Nocera, Joe (2010).
5991:McLean, Bethany; Nocera, Joe (2010).
5584:"The Economics of Structured Finance"
5506:
5407:. Library of Congress. Archived from
5107:
4961:
4897:
4841:
4798:"Markets: The Credit Rating Agencies"
4780:
4351:
4249:
4100:"The Financial Crisis Inquiry Report"
3457:
3115:
2827:Christopher Cox (26 September 2007).
2795:
2780:
2553:
2472:from the original on 14 February 2014
1806:
1476:commercial mortgage-backed securities
1043:and attract institutional investors.
240:Valuation using discounted cash flows
7891:Barr, David G. (November 23, 2013).
7890:
7759:
7255:
7177:
7049:"Smoothing the Way for Debt Markets"
6656:. Academic Press. pp. 385–386.
6395:
6192:
6178:. Academic Press. pp. 383–385.
5492:. Academic Press. pp. 382–383.
4967:(according to the head of the SEC),
4827:. Academic Press. pp. 146–147.
4719:McLean, Bethany; Joe Nocera (2010).
4339:Kristin Samuelson (8 January 2012).
4211:
4176:
4091:
3863:McLean, Bethany; Joe Nocera (2010).
3842:. Academic Press. pp. 143–145.
3716:
3171:
2835:. Securities and Exchange Commission
2798:"Agency Problems—And Their Solution"
2459:
2147:years ever during the past decade."
1927:China Lianhe Credit Rating Co., Ltd.
1767:investments. From 1975 to 2006, the
1331:
29:
7962:The Financial Crisis Inquiry Report
7943:The Financial Crisis Inquiry Report
7502:Pragyan Deb; Gareth Murphy (2009).
7480:Lianna Brinded (28 November 2007).
6992:
6280:University of Pittsburgh Law Review
6152:The Financial Crisis Inquiry Report
6067:The Financial Crisis Inquiry Report
5909:The Financial Crisis Inquiry Report
5896: : Inside the Doomsday Machine
5860:The Financial Crisis Inquiry Report
5793:The Financial Crisis Inquiry Report
5625:. Greenberg Traurig. Archived from
5338:Bethany McLean; Joe Nocera (2010).
4934:Bethany McLean; Joe Nocera (2010).
4756:Bethany McLean; Joe Nocera (2010).
4683:table 3, Ratings in U.S. regulation
4625:
4455:. United States Senate. p. 27.
4262:An Introduction to the Bond Markets
3563:The Financial Crisis Inquiry Report
3212:
3127:The Financial Crisis Inquiry Report
2271:The Financial Crisis Inquiry Report
1551:Financial Crisis Inquiry Commission
27:Company that assigns credit ratings
24:
8012:
7864:Teather, David (28 January 2003).
7808:John Greenwood (28 January 2012).
7120:
5925:. City-journal.org. Archived from
5815:"Giant Pool of Money (transcript)"
5451:Introduction to Structured Finance
5244:. Asian Development Bank Institute
4128:Financial Markets and Institutions
3958:"CREDIT AGENCY REFORM ACT of 2006"
3527:
3218:
3147:
2962:Outstanding World Bond Market Debt
2301:, Portfolio, Penguin, 2010 (p.111)
2236:
2167:List of countries by credit rating
2008:
1973:(Hong Kong), modeFinance (Italy),
1931:China Chengxin Credit Rating Group
1894:In addition to "the Big Three" of
1818:"Big Three" credit rating agencies
1661:List of countries by credit rating
1376:
918:. In January 2012, amid continued
818:low-rated, high-yield "junk" bonds
731:Securities and Exchange Commission
651:"Big Three" credit rating agencies
607:The issuers of the obligations or
25:
8129:
8090:
7919:, November 10, 2011 & Q2 2012
7898:. Bank of England. Archived from
7827:Yali N'Diaye (26 November 2012).
7552:Stephen Foley (14 January 2013).
7338:"List of Credit Rating Companies"
7229:Arturo Cifuentes (4 March 2013).
4968:
4898:Wyatt, Edward (8 February 2002).
1539:Subprime mortgage boom and crisis
1464:structured financial transactions
1452:Ratings use in structured finance
7953:
7922:
7909:
7884:
7857:
7839:
7685:Gwynneth Anderson (April 2011).
7566:from the original on 2022-12-10.
7429:
7408:
7387:
7366:
7355:
7330:
7313:
7296:
7133:
7047:Klein, Alec (23 November 2004).
7040:
6593:
6568:
6557:
6546:
6451:Suk-Joong Kim; Eliza Wu (2011).
6383:. Congressional Research Service
6125:
6058:
6021:
5984:
5923:"Can the Fed's Uncrunch Credit?"
5901:
5884:
5870:
5837:
5775:
5559:
5375:Washington University Law Review
5281:
5159:
5131:
5101:
4998:
4989:
4157:John Lippert (7 December 2010).
2556:Journal of Economic Perspectives
2460:Karp, Gregory (14 August 2011).
2098:Oligopoly produced by regulation
2003:National University of Singapore
951:of debt), and in some cases the
788:
673:
103:
34:
8096:Securities Exchange Commission
7773:. Financial Services Authority.
7620:John Morgan (26 October 2012).
7395:"Credit Rating Agencies—NRSROs"
7208:"Credit Rating Agencies—NRSROs"
7141:Gordon, Greg (August 7, 2013).
7100:. Academic Press. p. 386.
6350:. Academic Press. p. 383.
5999:. Portfolio, Penguin. pp.
5966:"Buttonwood — Credit and blame"
5005:Financial Crisis Inquiry Report
4914:
4514:
3950:
3781:. Routledge. pp. 206–207.
3606:
3595:
3584:
3295:
3193:
3187:NBER Macroeconomics Annual 2009
3061:Financial Crisis Inquiry Report
2731:, NY, Bantam, 1990, pages 43-57
2623:
2392:; Patricia T., Langohr (2009).
2265:collateralized debt obligations
1867:Credit Rating Agency Reform Act
1777:Credit Rating Agency Reform Act
1569:collateralized debt obligations
1480:collateralized debt obligations
1448:liable for inaccurate ratings.
1024:Under an amendment to the 2010
859:collateralized debt obligations
642:. Rating downgrades during the
602:collateralized debt obligations
7661:A Century of Sovereign Ratings
7639:Katie Hunt (31 October 2012).
7607:Journal of Financial Economics
7533:. World Bank. September 2011.
7184:Marie Leone (2 October 2006).
7165:Status quo for rating agencies
6716:. The World Bank. p. 60.
6036:. Portfolio, Penguin. p.
5725:Walter V. Haslett Jr. (2010).
5287:DJ Gill & MJ Gill. (2015)
4940:. Portfolio Penguin. pp.
4762:. Portfolio Penguin. pp.
4727:. Portfolio Penguin. pp.
4667:. Cornell University. p.
4316:Felix Salmon (9 August 2011).
3869:. Portfolio Penguin. pp.
3200:Status quo for rating agencies
2337:
2311:Barnett-Hart, Anna Katherine.
2257:
2212:Hypertextual Finance Glossary)
2201:
2188:
2074:, uses the issuer-pays model.
1414:
1065:default rates by rating grade
945:structured finance instruments
916:European sovereign-debt crisis
890:, and especially after the US
644:European sovereign debt crisis
615:, state or local governments,
167:Strategic financial management
122:Asset and liability management
13:
1:
5898:WW Norton and Co, 2010, p.73)
5344:. Portfolio Penguin. p.
5301:Muhamed Ali Khanzada (2010).
4659:Sinclair, Timothy J. (2005).
4634:. Center for Financial Policy
4046:Ashby Jones (21 April 2009).
2182:
2070:, the other joint-venture of
1987:Universal Credit Rating Group
1649:Ratings use in sovereign debt
1215:savings and loan associations
1178:by Moody's investment service
896:financial crisis of 2007–2008
7418:. Credit Research Initiative
7416:"Credit Research Initiative"
5108:Frost, James (15 Feb 2018).
5070:Moody's downgrades GE paper.
5054:. WW Norton and Co. p.
4869:Borrus, Amy (8 April 2002).
4468:"The credit rating industry"
3627:Essvale Corporation (2006).
3436:. Huff Post. 4 February 2013
3084:"The credit rating industry"
2861:"The credit rating industry"
2114:World Pensions Council (WPC)
1890:Other credit rating agencies
1845:specialized risk consultants
1738:Use by government regulators
1262:Long-Term Capital Management
959:. By serving as information
841:Credit Ratings International
542:) is a company that assigns
7:
7687:"New raters enter the Fray"
6459:. Wiley. pp. 345–347.
5819:Originally aired 05.09.2008
5114:Australian Financial Review
4511:, (September 1989) p.909-22
4199:. Center of Excellence SAFE
2160:
2072:Dagong Global Credit Rating
2068:Dagong Europe Credit Rating
2060:Dagong Global Credit Rating
1979:Rapid Ratings International
1875:Financial crisis of 2007–08
1853:Financial crisis of 2007–08
1703:1997 Asian financial crisis
1679:International Monetary Fund
1246:New York City fiscal crisis
1225:Accuracy and responsiveness
1176:5-year period, from a study
640:financial crisis of 2007–08
57:, discuss the issue on the
10:
8134:
8048:ideas.berkeleylawblogs.org
6824:. Brookings. p. 282.
6677:Howell E. Jackson (2001).
6601:"Code of Conduct for CRAs"
6483:Shreekant Iyengar (2012).
5519:. Routledge. p. 280.
4796:Lawrence J. White (2010).
4663:The New Masters of Capital
4163:Bloomberg Markets Magazine
3180:"The Credit Rating Crisis"
3067:. GPO. 2011. p. 119.
2630:Richard S. Wilson (1987).
1963:Japan Credit Rating Agency
1747:
1741:
1710:countries well before the
1658:
1652:
1639:2007–2008 financial crisis
1542:
1455:
1250:1994 Orange County default
1228:
1049:
978:
975:Ratings use in bond market
855:mortgage-backed securities
668:
598:mortgage-backed securities
142:Enterprise risk management
7847:"Measuring the measurers"
7658:Norbert Gaillard (2011).
7264:Market News International
4394:. Wiley. pp. 55–56.
4265:. Wiley. pp. 29–30.
4259:Patrick J. Brown (2006).
1951:Egan-Jones Rating Company
1822:Moody's Investors Service
1318:Financial Stability Forum
1166:Sources: Basis spread is
1164:
1062:
955:of governments and their
655:Moody's Investors Service
8098:Office of Credit Ratings
7917:Revue Analyse Financière
7835:. Deutsche Boerse Group.
7810:"Wiki joins rating game"
7664:. Springer. p. 90.
6954:"Credit Rating Agencies"
6502:10.1177/0256090920120106
6455:. In Robert Kolb (ed.).
6409:"Credit Rating Agencies"
5921:Gelinas, Nicole (2009).
5545:Upstart Business Journal
5454:. Wiley. pp. 9–10.
5237:Siegfried Utzig (2010).
2322:. Harvard Kennedy School
1967:Kroll Bond Rating Agency
1935:Credit Rating Agency Ltd
1832:controls a further 15%.
1796:subprime mortgage crisis
1632:subprime mortgage crisis
1601:life insurance companies
1388:self-fulfilling prophecy
1322:subprime mortgage crisis
1281:Enron accounting scandal
1274:subprime mortgage crisis
947:and borrowing entities (
892:subprime mortgage crisis
883:US Department of Justice
684:financial crisis of 1837
617:non-profit organizations
613:special purpose entities
162:Mergers and acquisitions
8084:Economic History Review
8071:, Ladis Konecny, 2013,
8004:The Wall Street Journal
7728:The Wall Street Journal
6905:. Wiley. pp. 6–8.
6899:David A. Skeel (2010).
6685:; A E GoodHart (eds.).
6274:Claire A. Hill (2009).
6093:All the Devils Are Here
6032:All the Devils Are Here
5995:All the Devils Are Here
5879:All the Devils Are Here
5846:All the Devils Are Here
5591:Harvard Business Review
5567:All the Devils Are Here
4922:All the Devils Are Here
4858:. United States Senate.
4723:All the Devils Are Here
4052:The Wall Street Journal
2135:According to professor
1655:Sovereign credit rating
1615:Swiss Finance Institute
1468:asset-backed securities
1242:Penn Central bankruptcy
999:asset-backed securities
931:Role in capital markets
851:asset-backed securities
482:Stress test (financial)
8118:Credit rating agencies
7121:TE (5 February 2013).
7094:Gerard Caprio (2012).
7070:. Wiley. p. 384.
6851:. Wiley. p. 384.
6770:. Wiley. p. 409.
6650:Gerard Caprio (2012).
6344:Gerard Caprio (2012).
6172:Gerard Caprio (2012).
5731:. Wiley. p. 434.
5696:David Stowell (2012).
5486:Gerard Caprio (2012).
5369:Frank Partnoy (1999).
5094:Galil, Koresh (2003).
5046:Michael Lewis (2010).
4821:David Stowell (2012).
4289:E.R. Yescombe (2007).
4192:Brigitte Haar (2013).
3836:David Stowell (2012).
3815:Regulating Wall Street
3665:Gerard Caprio (2012).
3498:Bloomberg Businessweek
1812:The Big Three agencies
1730:In December 2004, the
1187:probability of default
1172:over a 16-year period;
1063:Estimated spreads and
1031:To determine a bond's
1022:
928:
341:Investment performance
188:Balance sheet analysis
7931:, SACR, 21 mars 2012.
6743:. Wiley. p. ix.
6016:revenues and profits.
5952:June 3, 2010, at the
5614:Joel Telpner (2003).
5085:, December: 2879-2902
4605:. Wiley. p. 48.
3817:. New York University
3775:Ahmed Naciri (2009).
3528:Alessi, Christopher.
3287:on October 17, 2015.
3260:on October 17, 2015.
3219:Alessi, Christopher.
3148:Alessi, Christopher.
2237:Alessi, Christopher.
2116:have argued that the
2039:Standard & Poor's
1971:Lianhe Ratings Global
1900:Standard & Poor's
1841:fixed income analysts
1826:Standard & Poor's
1748:Further information:
1742:Further information:
1659:Further information:
1653:Further information:
1543:Further information:
1456:Further information:
1446:Standard & Poor's
1304:Explanations of flaws
1264:hedge fund, the 2001
1229:Further information:
1193:Another study in the
1168:between US treasuries
1050:Further information:
1018:
979:Further information:
908:
768:Growth of bond market
701:1907 financial crisis
659:Standard & Poor's
416:Too connected to fail
281:Cash conversion cycle
230:Management accounting
152:Investment management
7905:on February 1, 2014.
7324:, 12 November 2013,
6216:10.2139/ssrn.2253970
5565:McLean, and Nocera.
5198:Sinclair, Timothy J.
5024:on February 12, 2009
5007:, figure 11.2, p.217
4563:Sinclair, Timothy J.
4125:Jeff Madura (2011).
4004:. 6 September 2007.
3918:Sinclair, Timothy J.
3504:on February 14, 2013
3389:Sinclair, Timothy J.
3333:Sinclair, Timothy J.
3019:Sinclair, Timothy J.
2975:Sinclair, Timothy J.
2742:Sinclair, Timothy J.
2685:Sinclair, Timothy J.
2578:10.1257/jep.24.2.211
2511:Sinclair, Timothy J.
2441:on 14 September 2012
2210:Campbell R. Harvey's
2141:Federal Reserve Bank
1947:Dun & Bradstreet
1583:Conflict of interest
1174:Default rate over a
774:Bretton Woods system
571:Social Credit System
532:credit rating agency
492:Supply chain finance
426:Volatility (finance)
311:Exchange traded fund
301:Economic value added
271:Capital appreciation
225:Fundamental analysis
113:Financial management
63:create a new article
55:improve this article
8006:, FEBRUARY 26, 2008
7985:Wall Street Journal
7691:Treasury & Risk
7153:on 5 September 2013
7053:The Washington Post
6710:World Bank (2012).
6689:. Hart Publishing.
6290:on 14 December 2013
6097:. Penguin. p.
5752:World Bank (2012).
5385:on 14 December 2013
5319:on 14 December 2013
4920:McLean and Nocera,
4345:The Chicago Tribune
4328:on 18 October 2011.
4231:The Washington Post
3974:on 14 December 2013
3712:on August 16, 2021.
2783:The Washington Post
2638:. Chicago: Probus.
1800:2010 Dodd–Frank Act
1637:As a result of the
1577:credit default swap
1352:insurance companies
997:, and packagers of
806:economic liberalism
720:Post-Depression era
477:Statistical finance
447:Factoring (finance)
396:Sustainable finance
8103:SEC: Risky Ratings
7585:The Economic Times
7170:2017-03-16 at the
6133:"Credit and blame"
5972:. 6 September 2007
5704:. Academic Press.
5541:"What's a C.D.O.?"
5437:. 5 February 2013.
5147:. 15 February 2018
5083:Journal of Finance
4509:Journal of Finance
3998:"Credit and blame"
3671:. Academic Press.
3205:2017-03-16 at the
2808:on 2 November 2013
2425:(1–2 March 2000).
2390:Langohr, Herwig M.
2020:subscription model
1807:Industry structure
1724:Sarbanes–Oxley Act
1508:money market funds
1458:Structured finance
1348:money market funds
1195:Journal of Finance
853:—such as subprime
847:Structured finance
758:photocopy machines
754:free rider problem
726:Glass-Steagall act
611:may be companies,
487:Structured product
316:Financial analysis
235:Structured finance
157:Managerial finance
6416:DNB Working Paper
5411:on 19 August 2014
4969:Casey, Kathleen.
4079:. 5 February 2013
4025:. Wiley Finance.
1975:Morningstar, Inc.
1765:insurance company
1699:sovereign default
1183:
1182:
1179:
888:collapse of Enron
697:Henry Varnum Poor
623:. It affects the
561:Other forms of a
528:
527:
472:Position of trust
452:Financial analyst
376:Return on capital
276:Capital structure
172:Wealth management
97:Corporate finance
91:
90:
83:
65:, as appropriate.
16:(Redirected from
8125:
8007:
7997:
7988:
7987:, April 15, 2009
7978:
7965:
7957:
7951:
7950:
7948:
7938:
7932:
7926:
7920:
7913:
7907:
7906:
7904:
7897:
7888:
7882:
7881:
7879:
7877:
7861:
7855:
7854:
7843:
7837:
7836:
7824:
7818:
7817:
7805:
7799:
7798:
7796:
7789:
7781:
7775:
7774:
7772:
7763:
7757:
7756:
7754:
7747:
7738:
7732:
7731:
7719:
7713:
7712:
7710:
7701:
7695:
7694:
7682:
7676:
7675:
7655:
7649:
7648:
7636:
7630:
7629:
7617:
7611:
7610:
7604:
7595:
7589:
7588:
7577:
7568:
7567:
7557:
7549:
7538:
7537:
7532:
7524:
7518:
7517:
7515:
7508:
7499:
7490:
7489:
7477:
7471:
7470:
7468:
7460:
7451:
7450:
7448:
7447:
7441:scoperatings.com
7433:
7427:
7426:
7424:
7423:
7412:
7406:
7405:
7403:
7402:
7391:
7385:
7384:
7382:
7381:
7370:
7364:
7359:
7353:
7352:
7350:
7349:
7334:
7328:
7317:
7311:
7300:
7294:
7293:
7291:
7289:
7274:
7268:
7267:
7259:
7253:
7252:
7250:
7248:
7242:
7237:. Archived from
7226:
7220:
7219:
7217:
7215:
7204:
7198:
7197:
7195:
7193:
7181:
7175:
7162:
7160:
7158:
7149:. Archived from
7137:
7131:
7130:
7118:
7112:
7111:
7091:
7082:
7081:
7063:
7057:
7056:
7044:
7038:
7037:
7025:
7016:
7015:
7013:
7011:
7006:. Deutsche Welle
6996:
6990:
6989:
6987:
6979:
6966:
6965:
6963:
6961:
6950:
6944:
6943:
6923:
6917:
6916:
6896:
6890:
6889:
6869:
6863:
6862:
6842:
6836:
6835:
6815:
6809:
6808:
6788:
6782:
6781:
6761:
6755:
6754:
6734:
6728:
6727:
6707:
6701:
6700:
6674:
6668:
6667:
6647:
6620:
6619:
6617:
6615:
6605:
6597:
6591:
6590:
6588:
6586:
6572:
6566:
6561:
6555:
6550:
6544:
6543:
6541:
6539:
6534:. 13 August 2011
6524:
6515:
6514:
6504:
6480:
6471:
6470:
6448:
6435:
6434:
6432:
6430:
6424:
6413:
6404:
6393:
6392:
6390:
6388:
6382:
6373:
6362:
6361:
6341:
6330:
6329:
6327:
6325:
6315:
6306:
6300:
6299:
6297:
6295:
6271:
6265:
6264:
6262:
6260:
6245:
6236:
6235:
6199:
6190:
6189:
6169:
6163:
6162:
6157:
6147:
6141:
6140:
6129:
6123:
6122:
6117:
6115:
6096:
6086:
6080:
6078:
6072:
6062:
6056:
6055:
6035:
6025:
6019:
6018:
5998:
5988:
5982:
5981:
5979:
5977:
5962:
5956:
5944:
5938:
5937:
5935:
5934:
5918:
5912:
5905:
5899:
5888:
5882:
5874:
5868:
5867:
5865:
5855:
5849:
5841:
5835:
5834:
5828:
5826:
5811:
5805:
5804:
5798:
5788:
5782:
5779:
5773:
5772:
5749:
5743:
5742:
5722:
5716:
5715:
5693:
5684:
5683:
5681:
5679:
5673:
5665:
5642:
5641:
5639:
5637:
5631:
5620:
5611:
5602:
5601:
5599:
5597:
5588:
5579:
5570:
5563:
5557:
5556:
5554:
5552:
5537:
5531:
5530:
5510:
5504:
5503:
5483:
5466:
5465:
5445:
5439:
5438:
5427:
5421:
5420:
5418:
5416:
5401:
5395:
5394:
5392:
5390:
5366:
5360:
5359:
5335:
5329:
5328:
5326:
5324:
5318:
5307:
5298:
5292:
5285:
5279:
5278:
5276:
5274:
5268:
5260:
5254:
5253:
5251:
5249:
5243:
5234:
5228:
5227:
5222:
5220:
5194:
5188:
5187:
5185:
5183:
5171:
5163:
5157:
5156:
5154:
5152:
5135:
5129:
5128:
5126:
5124:
5105:
5099:
5092:
5086:
5079:
5073:
5072:
5053:
5043:
5034:
5033:
5031:
5029:
5014:
5008:
5002:
4996:
4993:
4987:
4986:
4984:
4982:
4975:February 6, 2009
4965:
4959:
4958:
4931:
4925:
4918:
4912:
4911:
4910:on 17 July 2003.
4906:. Archived from
4895:
4889:
4888:
4886:
4880:. Archived from
4875:
4866:
4860:
4859:
4857:
4848:
4839:
4838:
4818:
4812:
4811:
4809:
4802:
4793:
4778:
4777:
4753:
4747:
4746:
4726:
4716:
4707:
4706:
4704:
4695:
4686:
4685:
4666:
4656:
4647:
4646:
4641:
4639:
4626:Sicilia, David.
4623:
4617:
4616:
4596:
4590:
4589:
4587:
4585:
4559:
4553:
4550:
4539:
4536:Special Comment:
4532:
4521:
4518:
4512:
4505:
4494:
4493:
4491:
4485:. Archived from
4472:
4463:
4457:
4456:
4454:
4445:
4434:
4433:
4431:
4421:
4406:
4405:
4385:
4379:
4378:
4358:
4349:
4348:
4336:
4330:
4329:
4324:. Archived from
4313:
4307:
4306:
4286:
4277:
4276:
4256:
4247:
4246:
4244:
4242:
4237:on 19 April 2013
4233:. Archived from
4222:
4209:
4208:
4206:
4204:
4198:
4189:
4174:
4173:
4171:
4169:
4154:
4143:
4142:
4122:
4107:
4106:
4104:
4095:
4089:
4088:
4086:
4084:
4069:
4063:
4062:
4060:
4058:
4043:
4037:
4036:
4016:
4010:
4009:
3994:
3988:
3987:
3981:
3979:
3973:
3965:October 27, 2006
3962:
3954:
3948:
3947:
3942:
3940:
3914:
3908:
3907:
3901:
3891:
3885:
3884:
3860:
3854:
3853:
3833:
3827:
3826:
3824:
3822:
3806:
3793:
3792:
3772:
3763:
3762:
3742:
3736:
3735:
3733:
3723:
3714:
3713:
3708:. Archived from
3689:
3683:
3682:
3662:
3645:
3644:
3624:
3615:
3610:
3604:
3599:
3593:
3588:
3582:
3581:
3576:
3574:
3568:
3558:
3549:
3548:
3543:
3541:
3525:
3514:
3513:
3511:
3509:
3500:. Archived from
3489:
3483:
3482:
3470:
3464:
3463:
3455:
3449:
3448:
3443:
3441:
3426:
3420:
3419:
3413:
3411:
3385:
3379:
3378:
3377:. 28 March 1996.
3370:
3364:
3363:
3357:
3355:
3329:
3323:
3322:
3316:
3314:
3299:
3293:
3292:
3283:. Archived from
3272:
3266:
3265:
3256:. Archived from
3245:
3239:
3238:
3233:
3232:
3216:
3210:
3197:
3191:
3190:
3184:
3175:
3169:
3168:
3163:
3161:
3145:
3139:
3138:
3132:
3122:
3113:
3112:
3107:
3101:. Archived from
3088:
3079:
3073:
3072:
3066:
3056:
3050:
3049:
3043:
3041:
3015:
3006:
3005:
2999:
2997:
2971:
2965:
2959:
2953:
2952:
2950:
2948:
2925:
2919:
2918:
2916:
2914:
2904:
2896:
2890:
2889:
2884:
2878:. Archived from
2865:
2856:
2845:
2844:
2842:
2840:
2824:
2818:
2817:
2815:
2813:
2793:
2787:
2786:
2778:
2772:
2771:
2766:
2764:
2738:
2732:
2725:
2716:
2715:
2709:
2707:
2681:
2675:
2674:
2672:
2670:
2656:
2650:
2649:
2637:
2627:
2621:
2620:
2618:
2616:
2593:
2582:
2581:
2571:
2551:
2538:
2537:
2535:
2533:
2507:
2482:
2481:
2479:
2477:
2457:
2451:
2450:
2448:
2446:
2440:
2433:
2419:
2408:
2407:
2386:
2380:
2379:
2363:
2346:
2341:
2335:
2334:
2329:
2327:
2317:
2308:
2302:
2286:
2280:
2278:
2276:
2261:
2255:
2254:
2252:
2250:
2234:
2213:
2205:
2199:
2192:
1923:CareEdge Ratings
1915:Agusto & Co.
1761:investment grade
1608:investment banks
1362:investment banks
1332:paying customers
1165:
1060:
1059:
953:creditworthiness
924:triple-A ratings
831:developing world
827:emerging markets
813:certain levels.
746:commercial paper
739:Great Depression
621:secondary market
578:government bonds
538:, also called a
520:
513:
506:
467:Investor profile
366:Over-the-counter
346:Investor profile
331:Growth investing
326:Financial system
306:Equity (finance)
193:Enterprise value
137:Corporate action
107:
93:
92:
86:
79:
75:
72:
66:
38:
37:
30:
21:
8133:
8132:
8128:
8127:
8126:
8124:
8123:
8122:
8108:
8107:
8093:
8015:
8013:Further reading
8010:
7998:
7991:
7979:
7968:
7958:
7954:
7946:
7940:
7939:
7935:
7927:
7923:
7914:
7910:
7902:
7895:
7889:
7885:
7875:
7873:
7862:
7858:
7845:
7844:
7840:
7825:
7821:
7806:
7802:
7794:
7787:
7783:
7782:
7778:
7770:
7764:
7760:
7752:
7745:
7739:
7735:
7720:
7716:
7708:
7702:
7698:
7683:
7679:
7672:
7656:
7652:
7637:
7633:
7618:
7614:
7602:
7596:
7592:
7579:
7578:
7571:
7560:Financial Times
7550:
7541:
7530:
7526:
7525:
7521:
7513:
7506:
7500:
7493:
7478:
7474:
7466:
7462:
7461:
7454:
7445:
7443:
7435:
7434:
7430:
7421:
7419:
7414:
7413:
7409:
7400:
7398:
7393:
7392:
7388:
7379:
7377:
7372:
7371:
7367:
7360:
7356:
7347:
7345:
7336:
7335:
7331:
7318:
7314:
7307:, 3 June 2010,
7301:
7297:
7287:
7285:
7283:Financial Times
7275:
7271:
7260:
7256:
7246:
7244:
7235:Financial Times
7227:
7223:
7213:
7211:
7206:
7205:
7201:
7191:
7189:
7182:
7178:
7172:Wayback Machine
7156:
7154:
7138:
7134:
7119:
7115:
7108:
7092:
7085:
7078:
7064:
7060:
7045:
7041:
7026:
7019:
7009:
7007:
6998:
6997:
6993:
6985:
6981:
6980:
6969:
6959:
6957:
6952:
6951:
6947:
6940:
6924:
6920:
6913:
6897:
6893:
6886:
6870:
6866:
6859:
6843:
6839:
6832:
6816:
6812:
6805:
6789:
6785:
6778:
6762:
6758:
6751:
6735:
6731:
6724:
6708:
6704:
6697:
6675:
6671:
6664:
6648:
6623:
6613:
6611:
6603:
6599:
6598:
6594:
6584:
6582:
6574:
6573:
6569:
6562:
6558:
6551:
6547:
6537:
6535:
6526:
6525:
6518:
6481:
6474:
6467:
6449:
6438:
6428:
6426:
6425:on 4 March 2014
6422:
6411:
6405:
6396:
6386:
6384:
6380:
6374:
6365:
6358:
6342:
6333:
6323:
6321:
6313:
6307:
6303:
6293:
6291:
6272:
6268:
6258:
6256:
6246:
6239:
6200:
6193:
6186:
6170:
6166:
6155:
6149:
6148:
6144:
6131:
6130:
6126:
6113:
6111:
6109:
6087:
6083:
6070:
6064:
6063:
6059:
6048:
6026:
6022:
6011:
5989:
5985:
5975:
5973:
5964:
5963:
5959:
5954:Wayback Machine
5945:
5941:
5932:
5930:
5919:
5915:
5906:
5902:
5889:
5885:
5875:
5871:
5863:
5857:
5856:
5852:
5842:
5838:
5824:
5822:
5813:
5812:
5808:
5796:
5790:
5789:
5785:
5780:
5776:
5766:
5750:
5746:
5739:
5723:
5719:
5712:
5694:
5687:
5677:
5675:
5671:
5667:
5666:
5645:
5635:
5633:
5629:
5618:
5612:
5605:
5595:
5593:
5586:
5580:
5573:
5564:
5560:
5550:
5548:
5539:
5538:
5534:
5527:
5511:
5507:
5500:
5484:
5469:
5462:
5446:
5442:
5429:
5428:
5424:
5414:
5412:
5403:
5402:
5398:
5388:
5386:
5367:
5363:
5356:
5336:
5332:
5322:
5320:
5316:
5305:
5299:
5295:
5286:
5282:
5272:
5270:
5266:
5262:
5261:
5257:
5247:
5245:
5241:
5235:
5231:
5218:
5216:
5214:
5195:
5191:
5181:
5179:
5178:. February 2018
5169:
5165:
5164:
5160:
5150:
5148:
5137:
5136:
5132:
5122:
5120:
5106:
5102:
5093:
5089:
5080:
5076:
5066:
5044:
5037:
5027:
5025:
5016:
5015:
5011:
5003:
4999:
4994:
4990:
4980:
4978:
4966:
4962:
4952:
4932:
4928:
4919:
4915:
4896:
4892:
4884:
4873:
4867:
4863:
4855:
4849:
4842:
4835:
4819:
4815:
4807:
4800:
4794:
4781:
4774:
4754:
4750:
4739:
4717:
4710:
4702:
4696:
4689:
4679:
4657:
4650:
4637:
4635:
4624:
4620:
4613:
4597:
4593:
4583:
4581:
4579:
4560:
4556:
4551:
4542:
4533:
4524:
4519:
4515:
4506:
4497:
4489:
4470:
4464:
4460:
4452:
4446:
4437:
4429:
4423:
4422:
4409:
4402:
4386:
4382:
4375:
4359:
4352:
4337:
4333:
4314:
4310:
4303:
4287:
4280:
4273:
4257:
4250:
4240:
4238:
4223:
4212:
4202:
4200:
4196:
4190:
4177:
4167:
4165:
4155:
4146:
4139:
4123:
4110:
4102:
4096:
4092:
4082:
4080:
4071:
4070:
4066:
4056:
4054:
4044:
4040:
4033:
4017:
4013:
3996:
3995:
3991:
3977:
3975:
3971:
3960:
3956:
3955:
3951:
3938:
3936:
3934:
3915:
3911:
3899:
3893:
3892:
3888:
3881:
3861:
3857:
3850:
3834:
3830:
3820:
3818:
3807:
3796:
3789:
3773:
3766:
3759:
3743:
3739:
3731:
3725:
3724:
3717:
3706:
3690:
3686:
3679:
3663:
3648:
3641:
3625:
3618:
3611:
3607:
3600:
3596:
3589:
3585:
3572:
3570:
3566:
3560:
3559:
3552:
3539:
3537:
3536:on 27 July 2013
3526:
3517:
3507:
3505:
3490:
3486:
3472:
3471:
3467:
3456:
3452:
3439:
3437:
3434:4 February 2013
3428:
3427:
3423:
3409:
3407:
3405:
3386:
3382:
3372:
3371:
3367:
3353:
3351:
3349:
3330:
3326:
3312:
3310:
3300:
3296:
3273:
3269:
3246:
3242:
3230:
3228:
3217:
3213:
3207:Wayback Machine
3198:
3194:
3182:
3176:
3172:
3159:
3157:
3156:on 27 July 2013
3146:
3142:
3130:
3124:
3123:
3116:
3108:on 2011-04-29.
3105:
3086:
3080:
3076:
3064:
3058:
3057:
3053:
3039:
3037:
3035:
3016:
3009:
2995:
2993:
2991:
2972:
2968:
2960:
2956:
2946:
2944:
2942:
2926:
2922:
2912:
2910:
2902:
2898:
2897:
2893:
2885:on 2011-04-29.
2882:
2863:
2857:
2848:
2838:
2836:
2825:
2821:
2811:
2809:
2794:
2790:
2779:
2775:
2762:
2760:
2758:
2739:
2735:
2727:Alvin Toffler,
2726:
2719:
2705:
2703:
2701:
2682:
2678:
2668:
2666:
2658:
2657:
2653:
2646:
2628:
2624:
2614:
2612:
2610:
2594:
2585:
2569:10.1.1.612.7054
2552:
2541:
2531:
2529:
2527:
2508:
2485:
2475:
2473:
2466:Chicago Tribune
2458:
2454:
2444:
2442:
2438:
2431:
2420:
2411:
2404:
2387:
2383:
2364:
2349:
2342:
2338:
2325:
2323:
2315:
2309:
2305:
2289:McLean, Bethany
2287:
2283:
2274:
2268:
2262:
2258:
2248:
2246:
2245:on 27 July 2013
2235:
2216:
2206:
2202:
2193:
2189:
2185:
2163:
2100:
2016:business models
2011:
2009:Business models
1892:
1814:
1809:
1752:
1746:
1740:
1722:As part of the
1720:
1712:Eurozone crisis
1663:
1657:
1651:
1589:Great Recession
1585:
1547:
1541:
1460:
1454:
1426:First Amendment
1417:
1379:
1377:Excessive power
1306:
1238:debt securities
1233:
1227:
1177:
1175:
1173:
1171:
1170:and rated bonds
1169:
1167:
1082:
1078:
1076:
1074:
1064:
1054:
1014:First Amendment
1006:debt securities
983:
977:
941:debt securities
933:
894:and subsequent
836:Financial Times
795:economic trends
791:
772:The end of the
770:
722:
676:
671:
594:preferred stock
590:municipal bonds
582:corporate bonds
540:ratings service
524:
457:Financial asset
411:Too big to fail
401:Systematic risk
296:Economic bubble
286:Cost of capital
87:
76:
70:
67:
52:
39:
35:
28:
23:
22:
15:
12:
11:
5:
8131:
8121:
8120:
8106:
8105:
8100:
8092:
8091:External links
8089:
8088:
8087:
8080:
8065:
8059:
8051:
8044:
8041:
8030:
8023:
8014:
8011:
8009:
8008:
7989:
7966:
7952:
7933:
7921:
7908:
7883:
7856:
7853:. 31 May 2007.
7838:
7819:
7814:Financial Post
7800:
7797:on 2013-06-19.
7776:
7758:
7755:on 2013-06-05.
7733:
7714:
7696:
7677:
7671:978-1461405221
7670:
7650:
7631:
7612:
7590:
7569:
7539:
7519:
7516:on 2013-05-14.
7491:
7486:Financial News
7472:
7452:
7428:
7407:
7386:
7365:
7354:
7329:
7312:
7295:
7269:
7254:
7221:
7199:
7176:
7132:
7113:
7107:978-0123978738
7106:
7083:
7077:978-0470018002
7076:
7058:
7039:
7034:Financial News
7017:
6991:
6967:
6945:
6939:978-0812204643
6938:
6918:
6912:978-0470942758
6911:
6891:
6885:978-0199608867
6884:
6864:
6858:978-0470018002
6857:
6837:
6831:978-0815703365
6830:
6810:
6804:978-0199608867
6803:
6783:
6777:978-0470018002
6776:
6756:
6750:978-0470018002
6749:
6729:
6723:978-0821395035
6722:
6702:
6695:
6669:
6663:978-0123978738
6662:
6621:
6592:
6567:
6556:
6545:
6516:
6472:
6466:978-0470922392
6465:
6436:
6394:
6363:
6357:978-0123978738
6356:
6331:
6301:
6266:
6237:
6191:
6185:978-0123978738
6184:
6164:
6142:
6124:
6107:
6081:
6057:
6046:
6020:
6009:
5983:
5957:
5939:
5913:
5911:, 2011, p.142)
5900:
5883:
5869:
5850:
5848:, 2010 (p.124)
5836:
5806:
5783:
5774:
5765:978-0821395035
5764:
5744:
5738:978-0470903391
5737:
5717:
5711:978-0124158207
5710:
5685:
5643:
5603:
5571:
5569:, 2010 (p.111)
5558:
5532:
5526:978-0415423205
5525:
5505:
5499:978-0123978738
5498:
5467:
5460:
5440:
5422:
5396:
5361:
5355:978-1591843634
5354:
5330:
5293:
5280:
5255:
5229:
5213:978-0801474910
5212:
5189:
5158:
5130:
5100:
5087:
5074:
5065:978-0393338829
5064:
5035:
5009:
4997:
4988:
4960:
4951:978-1591843634
4950:
4926:
4913:
4904:New York Times
4890:
4887:on 2011-09-04.
4861:
4840:
4834:978-0124158207
4833:
4813:
4810:on 2013-10-19.
4779:
4773:978-1591843634
4772:
4748:
4737:
4708:
4687:
4677:
4648:
4632:May 24th, 2011
4618:
4611:
4591:
4578:978-0801474910
4577:
4554:
4540:
4522:
4513:
4495:
4492:on 2011-04-29.
4458:
4435:
4407:
4401:978-0470689684
4400:
4380:
4374:978-0470569528
4373:
4350:
4331:
4308:
4302:978-0750680547
4301:
4278:
4271:
4248:
4210:
4175:
4144:
4138:978-0538482134
4137:
4108:
4090:
4064:
4038:
4032:978-0470118726
4031:
4011:
3989:
3949:
3933:978-0801474910
3932:
3909:
3886:
3880:978-1591843634
3879:
3855:
3849:978-0124158207
3848:
3828:
3794:
3788:978-0415776417
3787:
3764:
3757:
3737:
3715:
3704:
3684:
3678:978-0123978738
3677:
3646:
3639:
3616:
3605:
3594:
3583:
3550:
3515:
3484:
3465:
3460:The Bond Buyer
3450:
3421:
3404:978-0801474910
3403:
3380:
3365:
3348:978-0801474910
3347:
3324:
3294:
3267:
3240:
3211:
3192:
3170:
3140:
3114:
3074:
3051:
3034:978-0801474910
3033:
3007:
2990:978-0801474910
2989:
2966:
2954:
2940:
2920:
2891:
2846:
2819:
2788:
2773:
2757:978-0801474910
2756:
2733:
2717:
2700:978-0801474910
2699:
2676:
2651:
2644:
2622:
2609:978-0815729815
2608:
2583:
2539:
2526:978-0801474910
2525:
2483:
2452:
2409:
2402:
2381:
2347:
2336:
2320:March 19, 2009
2303:
2281:
2263:$ 300 billion
2256:
2214:
2200:
2186:
2184:
2181:
2180:
2179:
2174:
2169:
2162:
2159:
2152:Lawrence White
2130:Warren Buffett
2099:
2096:
2037:, and finally
2010:
2007:
1891:
1888:
1879:European Union
1813:
1810:
1808:
1805:
1739:
1736:
1719:
1716:
1671:municipalities
1650:
1647:
1643:European Union
1584:
1581:
1555:securitization
1540:
1537:
1532:
1531:
1519:
1511:
1484:synthetic CDOs
1453:
1450:
1442:European Union
1416:
1413:
1378:
1375:
1374:
1373:
1370:
1358:
1355:
1328:
1325:
1305:
1302:
1226:
1223:
1181:
1180:
1162:
1161:
1158:
1155:
1151:
1150:
1147:
1144:
1140:
1139:
1136:
1133:
1129:
1128:
1125:
1122:
1118:
1117:
1114:
1111:
1107:
1106:
1103:
1100:
1096:
1095:
1092:
1089:
1085:
1084:
1079:
1071:
1067:
1066:
1026:Dodd-Frank Act
976:
973:
965:liquid markets
961:intermediaries
932:
929:
867:synthetic CDOs
810:
809:
802:
790:
787:
779:broker-dealers
769:
766:
721:
718:
675:
672:
670:
667:
629:credit bureaus
544:credit ratings
526:
525:
523:
522:
515:
508:
500:
497:
496:
495:
494:
489:
484:
479:
474:
469:
464:
459:
454:
449:
441:
440:
439:Related topics
436:
435:
434:
433:
428:
423:
418:
413:
408:
403:
398:
393:
388:
383:
378:
373:
368:
363:
358:
353:
348:
343:
338:
333:
328:
323:
321:Financial risk
318:
313:
308:
303:
298:
293:
288:
283:
278:
273:
268:
266:Bond (finance)
263:
258:
256:Angel investor
250:
249:
245:
244:
243:
242:
237:
232:
227:
222:
221:
220:
215:
210:
205:
195:
190:
182:
181:
177:
176:
175:
174:
169:
164:
159:
154:
149:
147:Financial plan
144:
139:
134:
129:
124:
116:
115:
109:
108:
100:
99:
89:
88:
49:of the subject
47:worldwide view
42:
40:
33:
26:
9:
6:
4:
3:
2:
8130:
8119:
8116:
8115:
8113:
8104:
8101:
8099:
8095:
8094:
8085:
8081:
8078:
8077:9783848220656
8074:
8070:
8066:
8064:
8060:
8058:
8057:
8052:
8049:
8045:
8042:
8039:
8035:
8031:
8028:
8024:
8021:
8017:
8016:
8005:
8001:
8000:AAA Oligopoly
7996:
7994:
7986:
7982:
7977:
7975:
7973:
7971:
7963:
7956:
7945:
7944:
7937:
7930:
7925:
7918:
7912:
7901:
7894:
7887:
7871:
7867:
7860:
7852:
7851:The Economist
7848:
7842:
7834:
7830:
7823:
7815:
7811:
7804:
7793:
7786:
7780:
7769:
7762:
7751:
7744:
7737:
7729:
7725:
7718:
7707:
7700:
7692:
7688:
7681:
7673:
7667:
7663:
7662:
7654:
7646:
7642:
7635:
7627:
7626:Moneynews.com
7623:
7616:
7608:
7601:
7594:
7587:. 6 May 2010.
7586:
7582:
7576:
7574:
7565:
7561:
7556:
7548:
7546:
7544:
7536:
7529:
7523:
7512:
7505:
7498:
7496:
7487:
7483:
7476:
7465:
7459:
7457:
7442:
7438:
7432:
7417:
7411:
7396:
7390:
7375:
7369:
7363:
7362:Crisl History
7358:
7344:on 2007-04-30
7343:
7339:
7333:
7327:
7323:
7322:
7316:
7310:
7306:
7305:
7299:
7284:
7280:
7273:
7265:
7258:
7243:on 2022-12-10
7241:
7236:
7232:
7225:
7209:
7203:
7187:
7180:
7173:
7169:
7166:
7152:
7148:
7144:
7136:
7128:
7127:The Economist
7124:
7117:
7109:
7103:
7099:
7098:
7090:
7088:
7079:
7073:
7069:
7062:
7054:
7050:
7043:
7035:
7031:
7024:
7022:
7005:
7001:
6995:
6984:
6978:
6976:
6974:
6972:
6955:
6949:
6941:
6935:
6931:
6930:
6922:
6914:
6908:
6904:
6903:
6895:
6887:
6881:
6877:
6876:
6868:
6860:
6854:
6850:
6849:
6841:
6833:
6827:
6823:
6822:
6814:
6806:
6800:
6796:
6795:
6787:
6779:
6773:
6769:
6768:
6760:
6752:
6746:
6742:
6741:
6733:
6725:
6719:
6715:
6714:
6706:
6698:
6692:
6688:
6684:
6680:
6673:
6665:
6659:
6655:
6654:
6646:
6644:
6642:
6640:
6638:
6636:
6634:
6632:
6630:
6628:
6626:
6609:
6602:
6596:
6581:
6577:
6571:
6565:
6560:
6554:
6549:
6533:
6532:The Economist
6529:
6523:
6521:
6512:
6508:
6503:
6498:
6494:
6490:
6486:
6479:
6477:
6468:
6462:
6458:
6454:
6447:
6445:
6443:
6441:
6421:
6417:
6410:
6403:
6401:
6399:
6379:
6372:
6370:
6368:
6359:
6353:
6349:
6348:
6340:
6338:
6336:
6319:
6312:
6305:
6289:
6285:
6281:
6277:
6270:
6255:
6251:
6244:
6242:
6233:
6229:
6225:
6221:
6217:
6213:
6209:
6205:
6198:
6196:
6187:
6181:
6177:
6176:
6168:
6161:
6154:
6153:
6146:
6139:. 2007-09-06.
6138:
6137:The Economist
6134:
6128:
6121:
6110:
6108:9781101551059
6104:
6100:
6095:
6094:
6085:
6077:
6069:
6068:
6061:
6054:
6049:
6047:9781591843634
6043:
6039:
6034:
6033:
6024:
6017:
6012:
6010:9781591843634
6006:
6002:
5997:
5996:
5987:
5971:
5970:The Economist
5967:
5961:
5955:
5951:
5948:
5943:
5929:on 2012-05-10
5928:
5924:
5917:
5910:
5904:
5897:
5895:
5894:The Big Short
5887:
5881:, 2010 p.122)
5880:
5873:
5862:
5861:
5854:
5847:
5840:
5833:
5820:
5816:
5810:
5803:
5795:
5794:
5787:
5778:
5771:
5767:
5761:
5757:
5756:
5748:
5740:
5734:
5730:
5729:
5721:
5713:
5707:
5703:
5699:
5692:
5690:
5670:
5664:
5662:
5660:
5658:
5656:
5654:
5652:
5650:
5648:
5632:on 2016-03-03
5628:
5624:
5617:
5610:
5608:
5592:
5585:
5578:
5576:
5568:
5562:
5546:
5542:
5536:
5528:
5522:
5518:
5517:
5509:
5501:
5495:
5491:
5490:
5482:
5480:
5478:
5476:
5474:
5472:
5463:
5457:
5453:
5452:
5444:
5436:
5435:The Economist
5432:
5426:
5410:
5406:
5400:
5384:
5380:
5376:
5372:
5365:
5357:
5351:
5347:
5343:
5342:
5334:
5315:
5311:
5304:
5297:
5290:
5284:
5265:
5259:
5240:
5233:
5226:
5215:
5209:
5205:
5204:
5199:
5193:
5177:
5176:
5168:
5162:
5146:
5145:
5140:
5134:
5119:
5118:Fairfax Media
5115:
5111:
5104:
5097:
5091:
5084:
5078:
5071:
5067:
5061:
5057:
5052:
5051:
5042:
5040:
5023:
5019:
5013:
5006:
5001:
4992:
4976:
4972:
4964:
4957:
4953:
4947:
4943:
4939:
4938:
4930:
4924:, 2010, p.119
4923:
4917:
4909:
4905:
4901:
4894:
4883:
4879:
4872:
4865:
4854:
4847:
4845:
4836:
4830:
4826:
4825:
4817:
4806:
4799:
4792:
4790:
4788:
4786:
4784:
4775:
4769:
4765:
4761:
4760:
4752:
4745:
4740:
4738:9781591843634
4734:
4730:
4725:
4724:
4715:
4713:
4701:
4694:
4692:
4684:
4680:
4678:9780801443282
4674:
4670:
4665:
4664:
4655:
4653:
4645:
4633:
4629:
4622:
4614:
4612:9780470714355
4608:
4604:
4603:
4595:
4580:
4574:
4570:
4569:
4564:
4558:
4549:
4547:
4545:
4537:
4531:
4529:
4527:
4517:
4510:
4504:
4502:
4500:
4488:
4484:
4480:
4476:
4469:
4462:
4451:
4444:
4442:
4440:
4428:
4427:
4420:
4418:
4416:
4414:
4412:
4403:
4397:
4393:
4392:
4384:
4376:
4370:
4366:
4365:
4357:
4355:
4346:
4342:
4335:
4327:
4323:
4319:
4312:
4304:
4298:
4294:
4293:
4285:
4283:
4274:
4268:
4264:
4263:
4255:
4253:
4236:
4232:
4228:
4221:
4219:
4217:
4215:
4195:
4188:
4186:
4184:
4182:
4180:
4164:
4160:
4153:
4151:
4149:
4140:
4134:
4130:
4129:
4121:
4119:
4117:
4115:
4113:
4101:
4094:
4078:
4077:The Economist
4074:
4068:
4053:
4049:
4042:
4034:
4028:
4024:
4023:
4015:
4008:
4003:
4002:The Economist
3999:
3993:
3986:
3970:
3966:
3959:
3953:
3946:
3935:
3929:
3925:
3924:
3919:
3913:
3906:
3898:
3897:
3890:
3882:
3876:
3872:
3868:
3867:
3859:
3851:
3845:
3841:
3840:
3832:
3816:
3812:
3805:
3803:
3801:
3799:
3790:
3784:
3780:
3779:
3771:
3769:
3760:
3754:
3750:
3749:
3741:
3730:
3729:
3722:
3720:
3711:
3707:
3705:9781898128793
3701:
3697:
3696:
3688:
3680:
3674:
3670:
3669:
3661:
3659:
3657:
3655:
3653:
3651:
3642:
3636:
3632:
3631:
3623:
3621:
3614:
3609:
3603:
3598:
3592:
3587:
3580:
3565:
3564:
3557:
3555:
3547:
3535:
3531:
3524:
3522:
3520:
3503:
3499:
3495:
3488:
3480:
3476:
3469:
3461:
3454:
3447:
3435:
3431:
3425:
3418:
3406:
3400:
3396:
3395:
3390:
3384:
3376:
3369:
3362:
3350:
3344:
3340:
3339:
3334:
3328:
3321:
3309:
3305:
3298:
3291:
3286:
3282:
3278:
3271:
3264:
3259:
3255:
3251:
3244:
3237:
3227:on 2013-07-27
3226:
3222:
3215:
3208:
3204:
3201:
3196:
3188:
3181:
3174:
3167:
3155:
3151:
3144:
3137:
3129:
3128:
3121:
3119:
3111:
3104:
3100:
3096:
3092:
3085:
3078:
3071:
3063:
3062:
3055:
3048:
3036:
3030:
3026:
3025:
3020:
3014:
3012:
3004:
2992:
2986:
2982:
2981:
2976:
2970:
2963:
2958:
2943:
2941:9780415405331
2937:
2933:
2932:
2924:
2908:
2901:
2895:
2888:
2881:
2877:
2873:
2869:
2862:
2855:
2853:
2851:
2834:
2830:
2823:
2807:
2803:
2799:
2792:
2784:
2777:
2770:
2759:
2753:
2749:
2748:
2743:
2737:
2730:
2724:
2722:
2714:
2702:
2696:
2692:
2691:
2686:
2680:
2665:
2661:
2655:
2647:
2645:9780917253799
2641:
2636:
2635:
2626:
2611:
2605:
2601:
2600:
2592:
2590:
2588:
2579:
2575:
2570:
2565:
2561:
2557:
2550:
2548:
2546:
2544:
2528:
2522:
2518:
2517:
2512:
2506:
2504:
2502:
2500:
2498:
2496:
2494:
2492:
2490:
2488:
2471:
2467:
2463:
2456:
2437:
2430:
2429:
2424:
2423:Richard Sylla
2418:
2416:
2414:
2405:
2403:9780470018002
2399:
2395:
2391:
2385:
2377:
2373:
2369:
2362:
2360:
2358:
2356:
2354:
2352:
2345:
2340:
2333:
2321:
2314:
2307:
2300:
2299:
2294:
2290:
2285:
2273:
2272:
2266:
2260:
2244:
2240:
2233:
2231:
2229:
2227:
2225:
2223:
2221:
2219:
2211:
2204:
2197:
2191:
2187:
2178:
2175:
2173:
2170:
2168:
2165:
2164:
2158:
2155:
2153:
2148:
2144:
2142:
2138:
2137:Frank Partnoy
2133:
2131:
2125:
2123:
2122:central banks
2119:
2115:
2111:
2107:
2105:
2095:
2093:
2088:
2083:
2081:
2080:Kroll Ratings
2075:
2073:
2069:
2065:
2061:
2056:
2052:
2048:
2044:
2040:
2036:
2032:
2027:
2023:
2021:
2017:
2006:
2004:
2000:
1999:Humphreys Ltd
1996:
1992:
1989:(Hong Kong),
1988:
1984:
1980:
1976:
1972:
1968:
1964:
1960:
1956:
1952:
1948:
1944:
1940:
1936:
1932:
1928:
1924:
1920:
1916:
1912:
1907:
1905:
1904:Fitch Ratings
1901:
1897:
1887:
1885:
1880:
1876:
1872:
1868:
1862:
1860:
1859:
1858:The Economist
1854:
1848:
1846:
1842:
1837:
1833:
1831:
1830:Fitch Ratings
1827:
1823:
1819:
1804:
1801:
1797:
1792:
1788:
1786:
1780:
1778:
1774:
1770:
1766:
1762:
1756:
1751:
1745:
1735:
1733:
1728:
1725:
1715:
1713:
1709:
1704:
1700:
1695:
1691:
1688:
1682:
1680:
1676:
1672:
1668:
1662:
1656:
1646:
1644:
1640:
1635:
1633:
1628:
1624:
1620:
1616:
1611:
1609:
1604:
1602:
1598:
1597:pension funds
1592:
1590:
1580:
1578:
1574:
1573:synthetic CDO
1570:
1565:
1562:
1558:
1556:
1552:
1546:
1536:
1529:
1525:
1520:
1517:
1512:
1509:
1505:
1504:pension funds
1501:
1496:
1495:
1494:
1491:
1489:
1485:
1481:
1477:
1473:
1469:
1465:
1459:
1449:
1447:
1443:
1438:
1436:
1431:
1427:
1422:
1412:
1410:
1406:
1402:
1397:
1393:
1389:
1385:
1384:vicious cycle
1371:
1367:
1363:
1359:
1356:
1353:
1349:
1345:
1344:pension funds
1341:
1337:
1333:
1329:
1326:
1323:
1319:
1315:
1314:
1313:
1310:
1301:
1298:
1293:
1290:
1286:
1282:
1277:
1275:
1271:
1267:
1263:
1259:
1255:
1251:
1247:
1243:
1239:
1232:
1222:
1218:
1216:
1212:
1211:pension funds
1208:
1203:
1201:
1196:
1191:
1188:
1163:
1159:
1156:
1153:
1152:
1148:
1145:
1142:
1141:
1137:
1134:
1131:
1130:
1126:
1123:
1120:
1119:
1115:
1112:
1109:
1108:
1104:
1101:
1098:
1097:
1093:
1090:
1087:
1086:
1080:
1072:
1069:
1068:
1061:
1058:
1053:
1048:
1044:
1042:
1038:
1034:
1029:
1027:
1021:
1017:
1015:
1009:
1007:
1002:
1000:
996:
992:
988:
982:
981:Credit rating
972:
970:
966:
962:
958:
954:
950:
946:
942:
938:
927:
925:
921:
917:
913:
907:
904:
901:
897:
893:
889:
884:
879:
875:
872:
871:profit center
868:
864:
860:
856:
852:
848:
844:
842:
838:
837:
832:
828:
823:
819:
816:A market for
814:
807:
803:
800:
799:
798:
796:
789:1980s–present
786:
782:
780:
775:
765:
761:
759:
755:
751:
750:bank deposits
747:
742:
740:
734:
732:
727:
717:
715:
709:
706:
702:
698:
692:
689:
685:
680:
674:Early history
666:
664:
663:Fitch Ratings
660:
656:
652:
647:
645:
641:
636:
634:
633:credit scores
630:
626:
625:interest rate
622:
618:
614:
610:
605:
603:
599:
595:
591:
587:
583:
579:
574:
572:
568:
564:
563:rating agency
559:
557:
553:
549:
545:
541:
537:
533:
521:
516:
514:
509:
507:
502:
501:
499:
498:
493:
490:
488:
485:
483:
480:
478:
475:
473:
470:
468:
465:
463:
460:
458:
455:
453:
450:
448:
445:
444:
443:
442:
438:
437:
432:
431:Watered stock
429:
427:
424:
422:
419:
417:
414:
412:
409:
407:
406:Systemic risk
404:
402:
399:
397:
394:
392:
389:
387:
384:
382:
379:
377:
374:
372:
369:
367:
364:
362:
359:
357:
354:
352:
349:
347:
344:
342:
339:
337:
334:
332:
329:
327:
324:
322:
319:
317:
314:
312:
309:
307:
304:
302:
299:
297:
294:
292:
291:Eco-investing
289:
287:
284:
282:
279:
277:
274:
272:
269:
267:
264:
262:
259:
257:
254:
253:
252:
251:
247:
246:
241:
238:
236:
233:
231:
228:
226:
223:
219:
216:
214:
211:
209:
206:
204:
201:
200:
199:
196:
194:
191:
189:
186:
185:
184:
183:
179:
178:
173:
170:
168:
165:
163:
160:
158:
155:
153:
150:
148:
145:
143:
140:
138:
135:
133:
130:
128:
127:Business plan
125:
123:
120:
119:
118:
117:
114:
111:
110:
106:
102:
101:
98:
95:
94:
85:
82:
74:
71:December 2022
64:
60:
56:
50:
48:
41:
32:
31:
19:
18:Rating agency
8083:
8068:
8055:
8026:
8019:
8003:
7984:
7955:
7942:
7936:
7924:
7916:
7911:
7900:the original
7886:
7874:. Retrieved
7870:The Guardian
7869:
7859:
7850:
7841:
7832:
7822:
7813:
7803:
7792:the original
7779:
7761:
7750:the original
7736:
7727:
7717:
7699:
7690:
7680:
7660:
7653:
7644:
7634:
7625:
7615:
7606:
7593:
7584:
7559:
7534:
7522:
7511:the original
7485:
7475:
7444:. Retrieved
7440:
7431:
7420:. Retrieved
7410:
7399:. Retrieved
7389:
7378:. Retrieved
7368:
7357:
7346:. Retrieved
7342:the original
7332:
7319:
7315:
7302:
7298:
7286:. Retrieved
7282:
7272:
7263:
7257:
7245:. Retrieved
7240:the original
7234:
7224:
7212:. Retrieved
7202:
7190:. Retrieved
7179:
7155:. Retrieved
7151:the original
7146:
7135:
7126:
7116:
7096:
7067:
7061:
7052:
7042:
7033:
7008:. Retrieved
7003:
6994:
6958:. Retrieved
6948:
6928:
6921:
6901:
6894:
6874:
6867:
6847:
6840:
6820:
6813:
6793:
6786:
6766:
6759:
6739:
6732:
6712:
6705:
6686:
6683:Eilis Ferran
6672:
6652:
6612:. Retrieved
6607:
6595:
6583:. Retrieved
6579:
6570:
6559:
6548:
6536:. Retrieved
6531:
6492:
6488:
6456:
6427:. Retrieved
6420:the original
6415:
6385:. Retrieved
6346:
6322:. Retrieved
6320:. World Bank
6317:
6304:
6292:. Retrieved
6288:the original
6283:
6279:
6269:
6257:. Retrieved
6253:
6207:
6174:
6167:
6159:
6151:
6145:
6136:
6127:
6119:
6112:. Retrieved
6092:
6084:
6074:
6066:
6060:
6051:
6031:
6023:
6014:
5994:
5986:
5974:. Retrieved
5969:
5960:
5942:
5931:. Retrieved
5927:the original
5916:
5908:
5903:
5892:
5886:
5878:
5872:
5859:
5853:
5845:
5839:
5830:
5823:. Retrieved
5818:
5809:
5800:
5792:
5786:
5777:
5769:
5754:
5747:
5727:
5720:
5701:
5676:. Retrieved
5634:. Retrieved
5627:the original
5622:
5594:. Retrieved
5590:
5566:
5561:
5549:. Retrieved
5544:
5535:
5515:
5508:
5488:
5450:
5443:
5434:
5425:
5413:. Retrieved
5409:the original
5399:
5387:. Retrieved
5383:the original
5378:
5374:
5364:
5340:
5333:
5321:. Retrieved
5314:the original
5309:
5296:
5283:
5271:. Retrieved
5258:
5246:. Retrieved
5232:
5224:
5219:21 September
5217:. Retrieved
5202:
5192:
5180:. Retrieved
5173:
5161:
5149:. Retrieved
5142:
5133:
5121:. Retrieved
5113:
5103:
5095:
5090:
5082:
5077:
5069:
5049:
5026:. Retrieved
5022:the original
5012:
5004:
5000:
4991:
4979:. Retrieved
4974:
4963:
4955:
4936:
4929:
4921:
4916:
4908:the original
4903:
4893:
4882:the original
4878:BusinessWeek
4877:
4864:
4823:
4816:
4805:the original
4758:
4751:
4742:
4722:
4682:
4662:
4643:
4636:. Retrieved
4631:
4621:
4601:
4594:
4584:21 September
4582:. Retrieved
4567:
4557:
4535:
4516:
4508:
4487:the original
4474:
4461:
4425:
4390:
4383:
4363:
4344:
4334:
4326:the original
4321:
4311:
4291:
4261:
4239:. Retrieved
4235:the original
4230:
4201:. Retrieved
4166:. Retrieved
4162:
4127:
4093:
4081:. Retrieved
4076:
4067:
4055:. Retrieved
4051:
4041:
4021:
4014:
4005:
4001:
3992:
3983:
3976:. Retrieved
3969:the original
3964:
3952:
3944:
3939:21 September
3937:. Retrieved
3922:
3912:
3903:
3895:
3889:
3865:
3858:
3838:
3831:
3819:. Retrieved
3814:
3777:
3747:
3740:
3727:
3710:the original
3694:
3687:
3667:
3629:
3608:
3597:
3586:
3578:
3571:. Retrieved
3562:
3545:
3538:. Retrieved
3534:the original
3508:19 September
3506:. Retrieved
3502:the original
3497:
3487:
3478:
3474:
3468:
3459:
3453:
3445:
3438:. Retrieved
3433:
3424:
3415:
3410:21 September
3408:. Retrieved
3393:
3383:
3374:
3368:
3359:
3354:21 September
3352:. Retrieved
3337:
3327:
3318:
3313:20 September
3311:. Retrieved
3307:
3297:
3288:
3285:the original
3280:
3270:
3261:
3258:the original
3253:
3243:
3235:
3229:. Retrieved
3225:the original
3214:
3195:
3186:
3173:
3165:
3158:. Retrieved
3154:the original
3143:
3134:
3126:
3109:
3103:the original
3090:
3077:
3068:
3060:
3054:
3045:
3040:21 September
3038:. Retrieved
3023:
3001:
2996:21 September
2994:. Retrieved
2979:
2969:
2957:
2945:. Retrieved
2930:
2923:
2913:19 September
2911:. Retrieved
2906:
2894:
2886:
2880:the original
2867:
2839:20 September
2837:. Retrieved
2832:
2822:
2812:21 September
2810:. Retrieved
2806:the original
2802:The American
2801:
2791:
2782:
2776:
2768:
2763:21 September
2761:. Retrieved
2746:
2736:
2728:
2711:
2706:21 September
2704:. Retrieved
2689:
2679:
2669:17 September
2667:. Retrieved
2663:
2654:
2633:
2625:
2615:21 September
2613:. Retrieved
2598:
2559:
2555:
2532:21 September
2530:. Retrieved
2515:
2476:21 September
2474:. Retrieved
2465:
2455:
2445:21 September
2443:. Retrieved
2436:the original
2427:
2393:
2384:
2367:
2339:
2331:
2324:. Retrieved
2319:
2306:
2296:
2284:
2270:
2259:
2247:. Retrieved
2243:the original
2203:
2196:wisegeek.com
2190:
2156:
2149:
2145:
2134:
2126:
2112:such as the
2108:
2104:oligopolists
2101:
2084:
2076:
2047:photocopiers
2043:fax machines
2028:
2024:
2012:
1959:ICRA Limited
1957:(Pakistan),
1908:
1893:
1863:
1856:
1849:
1838:
1834:
1815:
1793:
1789:
1781:
1757:
1753:
1729:
1721:
1696:
1692:
1686:
1683:
1664:
1636:
1612:
1605:
1593:
1586:
1566:
1563:
1559:
1548:
1533:
1524:quantitative
1492:
1461:
1439:
1434:
1418:
1401:death spiral
1380:
1340:retail banks
1311:
1307:
1294:
1279:In the 2001
1278:
1234:
1219:
1204:
1200:basis points
1194:
1192:
1184:
1055:
1045:
1030:
1023:
1019:
1010:
1003:
991:corporations
984:
969:risk capital
939:of specific
934:
909:
905:
880:
876:
845:
840:
839:publication
834:
815:
811:
792:
783:
771:
762:
743:
735:
723:
710:
693:
688:Lewis Tappan
681:
677:
648:
637:
606:
575:
562:
560:
539:
535:
531:
529:
371:Pension fund
356:Market trend
336:Growth stock
77:
68:
44:
7157:4 September
7010:16 December
6580:www.sec.gov
5825:3 September
5551:19 November
5182:23 February
5151:23 February
5123:23 February
4638:17 December
3978:30 November
3475:CGFS Papers
3440:4 September
3375:Tulsa World
2664:moody's.com
2110:Think tanks
1884:ARC Ratings
1687:willingness
1488:derivatives
1430:free speech
1415:Reform laws
1366:Wall Street
1285:Freddie Mac
1244:, the 1975
1041:syndication
995:governments
937:credit risk
863:CDO-Squared
421:Toxic asset
391:Super angel
386:Speculation
351:Market risk
218:engineering
7446:2023-08-05
7422:2023-01-20
7401:2009-04-30
7380:2014-07-29
7348:2007-03-12
7004:05.07.2011
6960:11 October
6696:1841132799
6538:11 October
6429:11 October
6387:11 October
6324:11 October
6294:11 October
6259:11 October
5976:11 October
5933:2009-02-27
5678:11 October
5636:11 October
5596:11 October
5461:0470045353
5415:11 October
5389:11 October
5323:11 October
5273:11 October
5248:11 October
4272:0470015837
4241:11 October
4168:11 October
4083:11 October
4057:11 October
3821:11 October
3758:0742517012
3640:0955412404
3573:5 November
3231:2013-05-29
2947:26 October
2293:Joe Nocera
2183:References
2092:Wikirating
2087:World Bank
2064:Egan-Jones
2055:Egan-Jones
1995:Wikirating
1945:(Canada),
1937:(Zambia),
1921:(Cyprus),
1911:A. M. Best
1675:World Bank
1528:model risk
1392:bankruptcy
989:issued by
957:securities
705:John Moody
609:securities
248:Investment
203:accounting
180:Accounting
7304:The Times
7188:. CFO.com
7147:McClatchy
6608:iosco.org
5028:August 6,
4981:21 August
4483:0147-6580
4367:. Wiley.
4203:27 August
3361:failings.
3281:Bloomberg
3254:Bloomberg
3099:0147-6580
2876:0147-6580
2564:CiteSeerX
2376:0147-6580
1985:(India),
1961:(India),
1933:(China),
1925:(India),
1785:Basel III
1750:Basel III
1667:sovereign
1482:(CDOs), "
1435:Economist
1419:The 2010
1289:junk bond
829:" of the
822:blue chip
714:Big Three
198:Financial
59:talk page
8112:Category
7872:. London
7564:Archived
7168:Archived
7163: ;
6511:35044888
6224:53336925
5950:Archived
5200:(2005).
4977:. US SEC
4565:(2005).
3920:(2005).
3391:(2005).
3335:(2005).
3203:Archived
3047:markets.
3021:(2005).
2977:(2005).
2744:(2005).
2687:(2005).
2513:(2005).
2470:Archived
2161:See also
2118:Basel II
1981:(U.S.),
1949:(U.S.),
1913:(U.S.),
1708:Eurozone
1677:and the
1591:ensued.
1516:tranches
1500:tranches
1478:(CMBS),
1474:(RMBS),
1466:such as
1396:receiver
1369:issuers.
1336:conflict
1270:WorldCom
1121:BBB/Baa2
920:eurozone
865:", and "
861:(CDO), "
565:include
208:analysis
132:Clawback
53:You may
7321:Reuters
6564:SEC.gov
6553:SEC.gov
6489:Vikalpa
6232:2253970
6114:June 5,
6053:growth.
4764:113–114
4729:113–114
4322:Reuters
3985:truth."
3871:112–117
3308:Reuters
2907:sec.gov
2833:sec.gov
2085:A 2009
2031:Moody's
1896:Moody's
1714:began.
1623:Moody's
1619:S&P
1613:A 2013
1470:(ABS),
1440:In the
1258:Russian
1149:31.24%
1088:AAA/Aaa
1081:Default
1070:Rating
1037:default
949:issuers
857:(MBS),
669:History
552:issuers
548:default
213:analyst
8075:
7876:10 May
7668:
7288:13 May
7247:13 May
7214:13 May
7192:13 May
7104:
7074:
6936:
6909:
6882:
6855:
6828:
6801:
6774:
6747:
6720:
6693:
6660:
6614:9 June
6610:. 2004
6585:9 June
6509:
6463:
6354:
6230:
6222:
6182:
6105:
6044:
6007:
5762:
5735:
5708:
5523:
5496:
5458:
5352:
5210:
5062:
4948:
4831:
4770:
4735:
4675:
4609:
4575:
4481:
4398:
4371:
4299:
4269:
4135:
4029:
3930:
3877:
3846:
3785:
3755:
3702:
3675:
3637:
3540:29 May
3401:
3345:
3160:29 May
3097:
3031:
2987:
2938:
2874:
2754:
2697:
2642:
2606:
2566:
2523:
2400:
2374:
2326:28 May
2249:29 May
2018:: the
1902:, and
1625:, and
1486:", or
1394:and a
1386:and a
1252:, the
1248:, the
1138:8.82%
1132:BB/Ba2
1127:2.11%
1105:0.28%
1099:AA/Aa2
1094:0.18%
1077:spread
1075:point
1073:Basis
1033:rating
381:Shares
361:Option
7947:(PDF)
7903:(PDF)
7896:(PDF)
7795:(PDF)
7788:(PDF)
7771:(PDF)
7753:(PDF)
7746:(PDF)
7709:(PDF)
7603:(PDF)
7531:(PDF)
7514:(PDF)
7507:(PDF)
7467:(PDF)
6986:(PDF)
6681:. In
6604:(PDF)
6507:S2CID
6423:(PDF)
6412:(PDF)
6381:(PDF)
6314:(PDF)
6220:S2CID
6156:(PDF)
6071:(PDF)
6001:114–5
5864:(PDF)
5797:(PDF)
5672:(PDF)
5630:(PDF)
5619:(PDF)
5587:(PDF)
5317:(PDF)
5306:(PDF)
5267:(PDF)
5242:(PDF)
5170:(PDF)
4885:(PDF)
4874:(PDF)
4856:(PDF)
4808:(PDF)
4801:(PDF)
4703:(PDF)
4490:(PDF)
4471:(PDF)
4453:(PDF)
4430:(PDF)
4197:(PDF)
4103:(PDF)
4007:drug.
3972:(PDF)
3961:(PDF)
3900:(PDF)
3732:(PDF)
3567:(PDF)
3183:(PDF)
3131:(PDF)
3106:(PDF)
3087:(PDF)
3065:(PDF)
2903:(PDF)
2883:(PDF)
2864:(PDF)
2439:(PDF)
2432:(PDF)
2316:(PDF)
2275:(PDF)
2035:Fitch
1627:Fitch
1405:Enron
1266:Enron
1254:Asian
1207:below
1083:rate
987:bonds
900:SIFMA
825:the "
462:Hedge
261:Asset
61:, or
8073:ISBN
8036:and
7878:2009
7666:ISBN
7290:2013
7249:2013
7216:2013
7194:2013
7159:2013
7102:ISBN
7072:ISBN
7012:2013
6962:2013
6934:ISBN
6907:ISBN
6880:ISBN
6853:ISBN
6826:ISBN
6799:ISBN
6772:ISBN
6745:ISBN
6718:ISBN
6691:ISBN
6658:ISBN
6616:2017
6587:2017
6540:2013
6461:ISBN
6431:2013
6389:2013
6352:ISBN
6326:2013
6296:2013
6261:2013
6228:SSRN
6180:ISBN
6116:2014
6103:ISBN
6042:ISBN
6005:ISBN
5978:2013
5827:2013
5760:ISBN
5733:ISBN
5706:ISBN
5680:2013
5638:2013
5598:2013
5553:2013
5521:ISBN
5494:ISBN
5456:ISBN
5417:2013
5391:2013
5350:ISBN
5325:2013
5275:2013
5250:2013
5221:2013
5208:ISBN
5184:2018
5153:2018
5125:2018
5060:ISBN
5030:2011
4983:2013
4946:ISBN
4829:ISBN
4768:ISBN
4733:ISBN
4673:ISBN
4640:2013
4607:ISBN
4586:2013
4573:ISBN
4479:ISSN
4396:ISBN
4369:ISBN
4297:ISBN
4267:ISBN
4243:2007
4205:2013
4170:2013
4133:ISBN
4085:2013
4059:2013
4027:ISBN
3980:2013
3941:2013
3928:ISBN
3875:ISBN
3844:ISBN
3823:2013
3783:ISBN
3753:ISBN
3700:ISBN
3673:ISBN
3635:ISBN
3575:2013
3542:2013
3510:2013
3442:2013
3412:2013
3399:ISBN
3356:2013
3343:ISBN
3315:2013
3162:2013
3095:ISSN
3042:2013
3029:ISBN
2998:2013
2985:ISBN
2949:2018
2936:ISBN
2915:2013
2872:ISSN
2841:2013
2814:2013
2765:2013
2752:ISBN
2708:2013
2695:ISBN
2671:2013
2640:ISBN
2617:2013
2604:ISBN
2534:2013
2521:ISBN
2478:2013
2447:2013
2398:ISBN
2372:ISSN
2328:2013
2291:and
2251:2013
2045:and
1991:Veda
1943:DBRS
1824:and
1599:and
1549:The
1506:and
1364:and
1268:and
1256:and
1160:n/a
1143:B/B2
1116:n/a
912:junk
793:Two
748:and
657:and
600:and
556:debt
7833:MNI
7645:BBC
6497:doi
6254:Vox
6212:doi
6099:118
6076:...
6038:124
5346:123
5056:156
4942:120
2574:doi
1428:as
1409:SEC
1157:724
1154:CCC
1146:404
1135:299
1124:166
943:or
586:CDs
554:of
536:CRA
8114::
8002:,
7992:^
7983:,
7969:^
7868:.
7849:.
7831:.
7812:.
7726:.
7689:.
7643:.
7624:.
7605:.
7583:.
7572:^
7562:.
7558:.
7542:^
7494:^
7484:.
7455:^
7439:.
7281:.
7233:.
7145:.
7125:.
7086:^
7051:.
7032:.
7020:^
7002:.
6970:^
6624:^
6606:.
6578:.
6530:.
6519:^
6505:.
6493:37
6491:.
6487:.
6475:^
6439:^
6414:.
6397:^
6366:^
6334:^
6316:.
6284:71
6282:.
6278:.
6252:.
6240:^
6226:.
6218:.
6210:.
6206:.
6194:^
6135:.
6118:.
6101:.
6050:.
6040:.
6013:.
6003:.
5968:.
5829:.
5817:.
5768:.
5700:.
5688:^
5646:^
5621:.
5606:^
5589:.
5574:^
5543:.
5470:^
5433:.
5379:77
5377:.
5373:.
5348:.
5308:.
5223:.
5172:.
5141:.
5116:.
5112:.
5068:.
5058:.
5038:^
4973:.
4954:.
4944:.
4902:.
4876:.
4843:^
4782:^
4766:.
4741:.
4731:.
4711:^
4690:^
4681:.
4671:.
4669:43
4651:^
4642:.
4630:.
4543:^
4525:^
4498:^
4473:.
4438:^
4410:^
4353:^
4343:.
4320:.
4281:^
4251:^
4229:.
4213:^
4178:^
4161:.
4147:^
4111:^
4075:.
4050:.
4000:.
3982:.
3963:.
3943:.
3873:.
3813:.
3797:^
3767:^
3718:^
3649:^
3619:^
3577:.
3553:^
3544:.
3518:^
3496:.
3479:32
3477:.
3444:.
3432:.
3414:.
3358:.
3317:.
3306:.
3279:.
3252:.
3234:.
3185:.
3164:.
3117:^
3089:.
3044:.
3010:^
3000:.
2905:.
2866:.
2849:^
2831:.
2800:.
2767:.
2720:^
2710:.
2662:.
2586:^
2572:.
2560:24
2558:.
2542:^
2486:^
2468:.
2464:.
2412:^
2350:^
2330:.
2318:.
2295:.
2217:^
2062:,
2033:,
1898:,
1681:.
1621:,
1490:.
1350:,
1346:,
1342:,
1276:.
1113:99
1102:73
1091:43
993:,
843:.
635:.
604:.
592:,
588:,
584:,
580:,
573:.
530:A
8079:.
8050:.
8040:.
7964:)
7880:.
7816:.
7730:.
7693:.
7674:.
7647:.
7628:.
7609:.
7488:.
7449:.
7425:.
7404:.
7383:.
7351:.
7292:.
7266:.
7251:.
7218:.
7196:.
7161:.
7129:.
7110:.
7080:.
7055:.
7036:.
7014:.
6964:.
6942:.
6915:.
6888:.
6861:.
6834:.
6807:.
6780:.
6753:.
6726:.
6699:.
6666:.
6618:.
6589:.
6542:.
6513:.
6499::
6469:.
6433:.
6391:.
6360:.
6328:.
6298:.
6263:.
6234:.
6214::
6188:.
6079:)
5980:.
5936:.
5741:.
5714:.
5682:.
5640:.
5600:.
5555:.
5529:.
5502:.
5464:.
5419:.
5393:.
5358:.
5327:.
5277:.
5252:.
5186:.
5155:.
5127:.
5032:.
4985:.
4837:.
4776:.
4615:.
4588:.
4404:.
4377:.
4347:.
4305:.
4275:.
4245:.
4207:.
4172:.
4141:.
4087:.
4061:.
4035:.
3883:.
3852:.
3825:.
3791:.
3761:.
3681:.
3643:.
3512:.
3462:.
2951:.
2917:.
2843:.
2816:.
2785:.
2673:.
2648:.
2619:.
2580:.
2576::
2536:.
2480:.
2449:.
2406:.
2378:.
2279:)
2253:.
2198:)
1518:.
1498:"
1324:.
1198:"
1110:A
926:.
534:(
519:e
512:t
505:v
84:)
78:(
73:)
69:(
51:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.