by Egan-Jones Ratings Company, and an issuer-paid CRA, represented by Moody's Investors Service, vis-à-vis conflict of … found that investor-paid ratings are more likely to be downgraded than issuer-paid ratings only in the lower rating grades … issuers to protect their reputation. We do not find evidence that issuer-paid CRAs provide overly favorable treatments to …

by Egan-Jones Ratings Company, and an issuer-paid CRA, represented by Moody’s Investors Service, vis-à-vis conflict of … found that investor-paid ratings are more likely to be downgraded than issuer-paid ratings only in the lower rating grades … issuers to protect their reputation. We do not find evidence that issuer-paid CRAs provide overly favorable treatments to …