Credit Ratings Downgrading Expectations  

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[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 398 no. 8722 (Feb. 2011), page 71.
Topik: ratings; credit assessment; corporate debt; securities; sovereign debt; municipal-bond ratings; downgrades; debt rating; investors

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Might ratings be the worst form of credit assessment apart from all the others? Dubious appraisals by the big agencies-Moody's, Standard & Poor's (S&P) and Fitch-contributed to the crash. Their ratings of corporate debt may have held up well, but they were way off in structured securities, not a lot better in sovereign debt, and now their municipal-bond ratings, too, under fire. Downgrades also amplify procyclicality. Cutting AIG's debt rating in 2008, for instance, sent investors rushing for the exit.

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