We examine whether rating agencies act defensively toward issuers with a higher likelihood of default. We find that … agencies’ qualitative soft rating adjustments are more accurate as issuers’ default risk grows, as evidenced by the adjustments … predictive of initial offering yields and leading to a greater market reaction to rating changes. Further, we find that the …

) curves are constructed for all rating levels. The paper focuses on the EUR credit market which has grown significantly in … rating classes show substantial rating changes during crises, very low rated bonds seem to depend mainly on idiosyncratic … for lower ratings are typically higher for the whole curve compared to a better rating. By comparing ratingbased credit …

As the leading credit rating agencies begin to heavily invest in the adoption of artificial intelligence, historic … systemic failures serve as a reminder of the effect of mis-regulation and misdiagnosis in the credit rating world. As the … within the credit rating world, there are critical questions that need to be asked to shape the response that will be needed …

For decades, the credit rating market has been dominated by three major agencies (Moody's, S&P and Fitch Ratings … share of more than 99%. Global financial crisis and the Eurozone sovereign debt crisis exposed serious flaws in rating …-Frank reform and new European rules on supervision of credit rating agencies were not effective enough and did not lead to the …