Screen LibraryThe rating agencies and their credit ratings : what they are, how they work and why they are relevant /
Credit rating agencies play a critical role in capital markets, guiding the asset allocation of institutional investors as private capital moves freely around the world in search of the best trade-off between risk and return. However, they have also been strongly criticised for failing to spot the A...
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| Main Authors: | |
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| Corporate Authors: | |
| Group Author: | |
| Published: |
Wiley,
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| Publisher Address: | Chichester, England ; Hoboken, N.J. : |
| Publication Dates: | 2008. |
| Literature type: | eBook |
| Language: | English |
| Series: |
Wiley finance series
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| Subjects: | |
| Online Access: |
http://onlinelibrary.wiley.com/book/10.1002/9781119208785 |
| Summary: |
Credit rating agencies play a critical role in capital markets, guiding the asset allocation of institutional investors as private capital moves freely around the world in search of the best trade-off between risk and return. However, they have also been strongly criticised for failing to spot the Asian crisis in the early 1990s, the Enron, WorldCom and Parmalat collapses in the early 2000s and finally for their ratings of subprime-related structured finance instruments and their role in the current financial crisis. This book is a guide to ratings, the ratings industry and the mechanics and e. |
| Carrier Form: | 1 online resource (xiv, 510 pages) : illustrations. |
| Bibliography: | Includes bibliographical references and index. |
| ISBN: |
9781119208785 1119208785 9780470714355 0470714352 |
| Index Number: | HG3751 |
| CLC: | F830.5 |
| Contents: | ForewordPreface1 Introduction1.1 Context and Premises1.2 Book Chapters1.3 Supporting MaterialsPART A: CREDIT RATING FOUNDATIONS2 Credit Ratings2.1 The World of Corporate Defaults2.2 Credit Rating Scales2.3 The Interpretation of Credit Ratings2.4 Credit Ratings: Summary and Conclusions3 The 'Raison d'Etre' of Credit Ratings and Their Market3.1 Needs for Credit Ratings -- or the Demand Side of Ratings3.2 Credit Ratings as a Solution to Information Asymmetry: Economic Analysis. 3.3 Credit Rating Segments -- or Scale and Scope of the Rated Universe. 4 How to Obtain and Maintain a Credit Rating4.1 The Rating Preparation4.2 The Rating4.3 Quality of the Rating ProcessPART B: CREDIT RATING ANALYSIS5 The France Telecom Credit Rating Cycle5.1 From Sovereign Status to Near Speculative Grade5.2 Turning Point and Rating Recovery (Fall 2002-Winter 2004)5.3 Analysis and Evaluation6 Credit Rating Analysis6.1 Fundamental Corporate Credit Ratings6.2 Corporate Ratings Implied by Market Data6.3 Special Sector Ratings6.4 Technical Appendix7 Credit Rating Performance7.1 Relevance: Ratings and Value. 7.2 Preventing Surprise in Defaults: Rating Accuracy and Stability7.3 Efficiency Enhancement: Stabilization in Times of CrisisPART C: THE CREDIT RATING BUSINESS8 The Credit Rating Industry8.1 The Rise of the Credit Rating Agencies8.2 Industry Specifics and How they Affect Competition8.3 Industry Performance9 Regulatory Oversight of the Credit Rating Industry9.1 The Regulatory Uses of Ratings9.2 The Regulation of the Industry9.3 Analysis and Evaluation10 Summary and Conclusions10.1 The Rating Agencies Value Added10.2 The Challenges Rating Agencies Face Today10.3 Concluding ThoughtsReferencesIndex. |