LEADER 03787nam 2200505 450 001 9910795884603321 005 20221126134526.0 010 $a1-78821-540-0 035 $a(MiAaPQ)EBC6963092 035 $a(Au-PeEL)EBL6963092 035 $a(CKB)21639917300041 035 $a(OCoLC)1313889459 035 $a(EXLCZ)9921639917300041 100 $a20221126d2022 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aCredit rating agencies /$fGiulia Mennillo 210 1$aLondon, England :$cAgenda Publishing,$d[2022] 210 4$dİ2022 215 $a1 online resource (148 pages) 225 1 $aFinance Matters 311 08$aPrint version: Mennillo, Giulia Credit Rating Agencies Newcastle Upon Tyne : Agenda Publishing,c2022 320 $aIncludes bibliographical references and index. 327 $aCover -- Half Title -- Series Information -- Title Page -- Dedication -- Copyright Page -- Contents -- Acknowledgements -- List of figures and tables -- List of abbreviations -- Introduction -- Why CRAs have become important -- The CRAs' role in the global financial crisis of 2008 -- Current status of the rating agencies: "anything but discredited players"? -- The resilience of CRAs -- Overview of the book -- 1 The "what" and the "who" about credit rating -- What is a rating and what is it not? -- CRAs as a case of structural power -- The Big Three -- Standard & -- Poor's Global Ratings -- Moody's Investors Service -- Fitch Ratings -- Technological change and the commodification of rating -- 2 What do credit rating agencies do? -- The authors of the common language of credit risk -- The rating scale -- Investment grade, or not investment grade -- that is the question -- Rating methodologies -- Sovereigns -- Sub-sovereigns -- Corporate rating methodology -- Discussion -- Rating through the cycle -- The caveat of the invisible in the visible: reading between the lines -- 3 The use of ratings -- Issuers, investors and intermediaries -- The collateral framework of the European Central Bank -- The standardized approach for credit risk in the Basel regulatory framework -- What are the alternatives to the regulatory use of ratings? -- Is there no alternative to external CRA ratings? -- The initiative of the Financial Stability Board to reduce the CRA reliance -- Wishful thinking: back to Basel I? -- 4 Credit rating agencies under criticism -- Conflicts of interest -- The US home bias -- The lack of competition -- The timeliness of ratings -- The CRA critique and the CRAs' authority -- 5 Regulating the credit rating agencies -- US efforts -- Transnational efforts -- EU efforts -- An assessment of the CRA regulations enacted after the GFC. 327 $a6 Credit rating in China -- A brief history -- The major players -- Dagong's sovereign ratings: challenging the Big Three or just reinventing the wheel? -- Dysfunctionality in the rating market: causes and indicators -- Liberalizing China's rating market -- Conclusion -- Notes -- References -- Index. 330 $aA critical introduction to the complex world of the credit rating industry: how it works, how it has evolved, the role it played in the financial crisis, and how it is regulated. 410 0$aFinance Matters 606 $aRating agencies (Finance) 606 $aCredit bureaus 606 $aCredit ratings 615 0$aRating agencies (Finance) 615 0$aCredit bureaus. 615 0$aCredit ratings. 676 $a332.178 700 $aMennillo$b Giulia$01530339 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910795884603321 996 $aCredit rating agencies$93775375 997 $aUNINA