A COMPARISON OF BOND RATINGS FROM MOODY'S S&P AND FITCH - OVERVIEW 1 . I. INTRODUCTION 3 . II. THE RATING PROCESS 6 . III. LITERATURE REVIEW 9 . IV. DESCRIPTION OF THE DATA 15 . V. SUMMARY STATISTICS 17 . VI. COMPARING RATING LEVELS 19 . VII. COMPARING SPLIT RATINGS 22 . VIII. RARTING CHANGES 27 . IX. FITCH RATINGS AND BOND YIELDS 34 . X. CONCLUSIONS 42 . XI. REFERENCES 42 . XII. NOTE ON ...