Description
Book SynopsisThis highly topical book examines how the leading credit rating agencies â Moody's, Standard & Poorâs and Fitch â have risen to prominence in the wake of the financial crisis.
Trade Review'Aline Darbellay analyzes the obvious system relevance of credit rating agencies in depth and assesses the possible options for regulatory responses to this systemic issue. Thereby, the book is based on a fruitful comparative legal approach and formulates guidance principles for regulators, particularly addressing alternatives for restoring competition in the credit rating industry.' --Rolf Weber, The University of Zurich, Switzerland
Table of ContentsContents: Foreword Part I: Prelude to the Credit Rating Industry 1. Introduction 2. History of Credit Rating Agencies 3. Description of the Credit Rating Industry Part II: Regulatory Structure 4. Rating-based Regulations 5. Regulatory Treatment of Credit Rating Agencies 6. Regulatory Trends Part III: Uses and Abuses of Credit Ratings in Structured Finance 7. Growth of the Structured Finance Segment 8. Wrong Incentives in the Credit Rating Industry 9. Regulatory Response to the Problems of Structured Finance Ratings Part IV: System-wide Effects of Credit Rating Downgrades 10. System-relevance of Credit Ratings 11. Market Reactions to Credit Rating Downgrades and their Consequences 12. Regulatory Response to the Systemic Issue Part V: Trends and Outlook 13. Restoring Competition in the Credit Rating Industry 14. Concluding Remarks Bibliography Index
