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 …

threatened by tighter regulations, they have felt incentives to improve the quality and timeliness of their ratings. However …

debt crisis. We address this by estimating relationships between sovereign debt ratings and macroeconomic and structural … variables. We then use these equ-ations to decompose actual ratings into systematic and arbitrary components that are not … credit ratings affect credit spreads. We find that both do, which opens the possibility that arbitrary rating downgrades …

We investigate the effect of credit analyst rotation in the context of long-term ratings of S&P 500 issuers between …

Sovereign ratings have frequently failed to predict crises. However, the literature has focused on explaining rating … decision; (iii) markets only react to ratings providing new information; (iv) developed countries get preferential treatment. …

on sovereign ratings has so far mostly focused on explaining the rating level rather than explaining the timing of the … decision to reassess a country into account; (iii) markets only react to ratings if these ratings supply genuinely new …

sovereign ratings and government bond yields. While the individual equations resemble Pesaran-type cointegration models, we … allow for different long-run relationships in both equations, nonlinearities in the level effect of ratings, and asymmetric … effects in changes of ratings and yields. We find that the interest rate equation and the rating equation imply significantly …

We empirically investigate why issuers solicit and pay for multiple ratings not only at issuance but also during the … tranches have assigned multiple ratings. Further, we demonstrate that in the case of multiple ratings, agencies do a better job … production of credit ratings and extend the perspective to the monitoring period after issuance. We also show that in case of …