Credit Rating Agencies

In this issue: This issue, sponsored by Rosa Abrantes-Metz, takes a global look at the vexing question of an essential—but contentious—oligopoly, the credit rating agencies. And while almost everybody agrees that CRAs are potentially problematic, very few seem to agree on how to analyze them—much less what changes (if any) should be made. And then […]

In this issue: For our summer finale, we present an antipasto of three mini symposia. The first includes papers inspired by the recent OECD conference, two on network neutrality and one on best practices-or maybe worst practices would be more appropriate. The second updates some of our issues from previous months, including papers on credit […]

In this issue: Financial institutions are under regulatory scrutiny like never before, and competition authorities are front and center. Editorial Board Member Nicolas Petit has assembled a premier group of European experts to look at all areas of the attack: LiBOR; the potential conflicts between the EU and U.S. approaches; CDS Investigations; a case study […]

A number of entities are not very happy these days with the big three credit rating agencies. And that displeasure is stretched pretty much across the board, world-wide. Those who are displeased with recent ratings movements have been mulling over using competition policy and antitrust laws as a potential counter-attack; after all, there are only […]

This article is part of a Chronicle. See more from this Chronicle Lawrence White, Dec 31, 2014 The three major credit rating agencies -Moody’s, Standard & Poor’s , and Fitch-continue to receive widespread media and policy attention. Since 2008 the Securities and Exchange Commission has expanded its regulation of the CRAs-partly on its own initiative […]

This article is part of a Chronicle. See more from this Chronicle Mark Patterson, Jan 28, 2014 In a 2007 memorandum, Raymond McDaniel, the Chairman and CEO of Moody’s Corp., described competition among credit-rating agencies in a way that should give antitrust lawyers pause: “Ideally, competition would be primarily on the basis of ratings quality, […]

This article is part of a Chronicle. See more from this Chronicle Trudi Makhaya, Jan 28, 2014 Concerns about the South African economy raised by credit ratings agencies are “not about numbers but about sentiment.” This was how South Africa’s Finance Minister Pravin Gordhan characterized the actions of credit rating agencies in remarks made after […]

This article is part of a Chronicle. See more from this Chronicle R. Shyam Khemani, Ritha Khemani, Jan 28, 2014 While the root causes of various financial crises during the past two decades have differed, there have been recurrent questions regarding the possible role played by the Credit Ratings Agencies . Among the concerns that […]

This article is part of a Chronicle. See more from this Chronicle Paolo Palmigiano, Simone Pieri, Jan 28, 2014 Credit Rating Agencies have become increasingly important in the last few years due to the increasing changes in the financial sector. The industry for ratings started in 1909 with the creation of Moody’s and was followed […]

This article is part of a Chronicle. See more from this Chronicle Rosa Abrantes-Metz, Jan 28, 2014 It must not be easy being a rating agency. Where corporate debt is concerned, the major credit rating agencies are said to be too slow and lagging the market. When the topic is structured finance, the agencies are […]

This article is part of a Chronicle. See more from this Chronicle Bertrand Candelon, Axel Gautier, Nicolas Petit, Jan 28, 2014 In recent years, the Credit Rating Agencies have been in the eye of the storm. Some argue that CRA rating errors-symptomatized by rating inflation or deflation-originate in excessive competition. This paper argues that the […]

This article is part of a Chronicle. See more from this Chronicle Lawrence White, Jan 28, 2014 The three major credit rating agencies -Moody’s, Standard & Poor’s , and Fitch-continue to receive widespread media and policy attention. Since 2008 the Securities and Exchange Commission has expanded its regulation of the CRAs-partly on its own initiative […]