The rating agencies and their credit ratings: what they are, how they work, and why they are relevant

The Rating Agencies and Their Credit Ratings: What They Are, How They Work, and Why They Are Relevant is a guide to ratings, the ratings industry, and the mechanics and economics of obtaining a rating. The book sheds light on the role that the agencies play in the international financial markets. It avoids thesensationalist approach often associated with studies of recent rating scandals, and instead provides an objective and critical analysis of the business ofratings. INDICE: Foreword Preface 1 Introduction 1.1 Context and Premises 1.2 Book Chapters 1.3 Supporting Materials PART A: CREDIT RATING FOUNDATIONS 2 Credit Ratings 2.1 The World of Corporate Defaults 2.2 Credit Rating Scales 2.3 The Interpretation of Credit Ratings 2.4 Credit Ratings: Summary and Conclusions 3 The Raison dÊtre of Credit Ratings and Their Market 3.1 Needs for Credit Ratings or the Demand Side of Ratings 3.2 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 Rating 4.1 The Rating Preparation 4.2 The Rating 4.3 Quality of the Rating Process PART B: CREDIT RATING ANALYSIS 5 The France Telecom Credit Rating Cycle 5.1 From SovereignStatus to Near Speculative Grade 5.2 Turning Point and Rating Recovery (Fall 2002Winter 2004) 5.3 Analysis and Evaluation 6 Credit Rating Analysis 6.1 Fundamental Corporate Credit Ratings 6.2 Corporate Ratings Implied by Market Data 6.3 Special Sector Ratings 6.4 Technical Appendix 7 Credit Rating Performance 7.1 Relevance: Ratings and Value. 7.2 Preventing Surprise in Defaults: Rating Accuracy and Stability 7.3 Efficiency Enhancement: Stabilization in Times of Crisis PART C: THE CREDIT RATING BUSINESS 8 The Credit Rating Industry 8.1 The Rise of the Credit Rating Agencies 8.2 Industry Specifics and How they Affect Competition 8.3 Industry Performance 9 Regulatory Oversight of the Credit Rating Industry 9.1 The Regulatory Uses of Ratings 9.2 The Regulation of the Industry 9.3 Analysis and Evaluation 10 Summary and Conclusions 10.1 The Rating Agencies Value Added 10.2 The Challenges Rating Agencies Face Today 10.3 Concluding Thoughts References Index

• ISBN: 978-0-470-01800-2
• Editorial: John Wiley & Sons
• Encuadernacion: Cartoné
• Páginas: 524
• Fecha Publicación: 23/01/2009
• Nº Volúmenes: 1
• Idioma: Inglés