This paper examines the issues of the aggregation and comparison of the credit ratings of various economic agents for … assessment of credit risks based on the constructed system of aggregating credit ratings for industrial companies and commercial … banks. The work also confirms the relationship between the level of assigned credit ratings and the various phases of the …

asset classes. Ratings issued by credit rating agencies serve a dual role: they provide information to investors and are … unsustainable, since the rating agency prefers to facilitate regulatory arbitrage by inflating ratings. Our model relates rating …

, as a CRA’s reputation becomes good enough, it can be optimal for it to inflate its ratings with probability one in the … structured products market, but inflate its ratings with probability zero in the corporate bond market. …

conditions, it may even become cautious and issue bad ratings ignoring both types of information. With competition, however, it …, it may become more likely to issue good ratings in an attempt to protect market power. …

. In addition to the regulatory efforts in the context of accepting the for-profit business model of ratings, there is a … growing realization that credit ratings bear the characteristics of a public good. Financial market participants need reliable …, transparent and independent assessment of credit risks. Credit ratings are therefore better viewed as an infrastructure matter …

Ratings issued by credit rating agencies (CRAs) play an important role in the global financial environment. Among other … issues, past studies have explored the potential for predicting these ratings using a variety of explanatory factors and …

ratings assigned by two Israeli rating agencies affiliated with S&P and Moody's during the period 2004–2012. We show that … while one agency (Midroog) systematically assigned higher ratings, the ratings of the other agency (S&P-Maalot) were …