This paper investigates the reaction of credit default swaps spreads to changes in rating class, outlook, and watchlist … entries for sovereigns. We find a stronger response to negative outlook and watchlist changes than for actual rating class … controlling for market movements. Additionally, we compare the reaction of high and low quality obligors to credit rating agencies …

add an illustration using default predictions made by the leading rating agencies Moody's and S&P …

among Moody's small shareholders and for rating upgrades that are not expected to impact stock prices. Affiliated investors …

Our study documents the direct and spillover costs arising from the loss of reputation for credit rating agencies (CRAs …

350 defaults in several datasets from 1999 to 2003 a slight advantage for the rating system of Moody's is detected …

Credit Rating Agencies play a key role in European capital markets today, publishing ratings on the creditworthiness of … covenants. As a result, credit rating agencies play a major role not only in the pricing of debt securities, but also in the … regulatory process. It may well happen, in fact, that regulators co-opt rating agencies as information-producing agents for …