Credit Rating Agencies

Credit rating agencies (CRAs) are expected to provide investors with an informed and unbiased view on securities' debt risk. This book explores the regulation and reform of credit rating agencies with a focus on their performance and failures.

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Credit rating agencies (CRAs) are expected to provide investors with an informed and unbiased view on securities' debt risk; the risk that issuers will fail to make promised interest or principal payments when they are due. The agencies provide judgements on the creditworthiness of bonds issued by a wide spectrum of entities, including corporations, non-profit firms, special purpose entities, sovereign nations and state and municipal governments. This book explores the regulation and reform of credit rating agencies with a focus on their performance and failures in recent years.