Rating agencies

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  • Indeed, the major complaint about the rating agencies during this era was not that they were too compliant to issuers’ wishes but that they were too tough and too powerful. This view was epitomized by the New York Times columnist Thomas L. Friedman’s remarks in a PBS “News Hour” interview on February 13, 1996: “There are two superpowers in the world today in my opinion. There’s the United States, and there’s Moody’s Bond Rating Service. The United States can destroy you by dropping bombs, and Moody’s can destroy you by downgrading your bonds.

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  • In Japan, credit ratings issued by Designated Rating Agencies (DRA) are used to estimate market risks and counterparty risks for the purpose of calculating the capital adequacy ratios for securities companies. 12 Japan also noted that for calculating the capital adequacy ratios for banks and other deposit-taking institutions, credit ratings issued by ECAIs are used subject to the Financial Services Agency (JFSA) ordinance under the Banking Act.

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  • Customers who purchased caps are not included in the scope of the review unless they complain to their bank during the course of the independent review and are non-sophisticated customers. If the customer does complain, it will be considered in the same way as the other interest rate hedging products (except structured collars) category. However, if a customer complains after the independent review, their complaint will be dealt with in accordance with the banks’ usual complaints handling procedures.

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  • The Commission pursued several approaches, both formal and informal, to conduct a thorough and meaningful study of credit rating agencies. These efforts included informal discussions with credit rating agencies and market participants, formal examinations of credit rating agencies, and public hearings, where market participants were given the opportunity to offer their views on credit rating agencies and their role in the capital markets.

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  • In the European Union, the existing insurance and reinsurance directives do not contain any provisions that place reliance on credit rating agencies. There is no explicit credit risk charge for the solvency margin in the Solvency I framework. The solvency margin in the Solvency I framework is not the sum of different capital charges related to different risks, but a single capital charge calibrated to reflect all the risks an insurance company faces.

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  • Further, in Canada, asset default factors for preferred shares, where rated, are based on the rating agency grade. For financial leases where rated, and the lease is also secured by the general credit of the lessee, the asset default factor is based on the rating agency grade.

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  • While microcredit has experienced impressive growth rates in the past decade and has been widely lauded for its potential in economic development, it is questionable whether it is able to overcome this problem by itself. Proponents of microfinance have long been arguing that there is a large unmet demand for small-scale loans in developing countries. Robinson (2001) argues that in the poor world, there might be as many as 1.

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  • In the Basel II framework, external ratings are used for the purpose of enhancing the risk sensitivity of the framework, for example, by being incorporated into assessments of the credit quality of an exposure or creditworthiness of a counterparty – and thus the imposition of capital requirements. External ratings are primarily used under the standardised approach for credit risk, 10 but also to risk-weight securitisations exposures.

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  • In most cases, for member jurisdictions that have incorporated the Basel II framework, the external ratings that can be used for the purpose of determining regulatory capital are limited to those provided by rating agencies recognised by national supervisors as ECAIs. Supervisors assess whether these criteria are fulfilled and aim at identifying rating agencies that issue ratings that are sufficiently sound and robust to warrant using them to determine the appropriate regulatory capital levels.

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  • The wealth of data now available allows us to estimate which quantitative indicators are weighed most heavily in the determination of ratings, to evaluate the predictive power of ratings in explaining a cross-section of sovereign bond yields, and to measure whether rating announcements directly affect market yields on the day of the announcement. Our investigation suggests that, to a large extent, Moody’s and Standard and Poor’s rating assignments can be explained by a small number of well-defined criteria, which the two agencies appear to weigh similarly.

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  • In 1909, John Moody published the fifi rst publicly available bond ratings, focused entirely on railroad bonds. Moody’s fifi rm was followed by Poor’s Publishing Company in 1916, the Standard Statistics Company in 1922, and the Fitch Publishing Company in 1924. These fifi rms’ bond ratings were sold to bond investors in thick manuals. These fifi rms evolved over time. Dun & Bradstreet bought Moody’s in 1962, but then subsequently spun it off in 2000 as a free-standing corporation. Poor’s and Standard merged in 1941; Standard & Poor’s was then absorbed by McGraw- Hill in 1966.

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  • Military service customers at eight judgmentally selected locations GAO visited had mixed views of the Defense Logistics Agency’s services— satisfied with aspects of routine service, such as the delivery time for routine parts, but dissatisfied with other areas, such as the detrimental impact that the agency’s service has had on their operations. Customers cited difficulties, for example, in getting critical weapons systems parts by the needed time.

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  • The money market is traditionally defined as the market for financial assets that have original maturities of one year or less. In essence, it is the market for short-term debt instruments. Financial assets traded in this market include such instruments as U.S. Treasury bills, commercial paper, some medium-term notes, bankers acceptances, federal agency discount paper, most certificates of deposit, repurchase agreements, floating-rate agreements, and federal funds.

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  • This book developed from my teaching and consulting experiences going back three decades. Working with Fortune 500 clients, I have been constantly amazed that finance is almost an afterthought in the everyday world of business—except, of course, for such financial services companies as banks and securities firms.

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  • The questionnaire requested information on the definitions (either internal or via cross- reference to an external source) of “credit ratings,” “credit rating agencies,” or any related terms as well as any references to specific credit rating agencies in LRSPs. Member authorities were also asked questions regarding the usage of credit ratings and/or references to credit rating agencies (or, in either case, related terms) 3 in their LRSPs, including an explanation of what each LRSP was designed to accomplish and the purpose of using credit ratings in the LRSP.

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  • Bernanke and Gertler (1989) focus on the investment decision of rms. There is asymmetric information between lenders and entrepreneurs: while entrepreneurs know the protability of their investment projects, lenders must pay an auditing cost to observe the project's return. This information asymmetry is the key source of persistence in the model. A positive productivity shock increases savings of entrepreneurs and lowers agency costs, making it easier for them to obtain external nance.

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  • In the next section, we offer an overview of the economic logic behind microfinance institutions, describe how the movement from socially oriented non-profit microfinance institutions to for-profit microfinance has occurred, and lay out some of the unanswered questions about the role of commercialization in microfinance. We then seek answers to some of these questions by drawing on a data set that includes most of the world’s leading microfinance institutions.

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  • Nongovernmental organizations, though, reach more borrowers in total. The third column shows that nongovernmental organizations can claim about one-half of the 18 million customers in this data set, with banks claiming one-quarter. Donors at large aid agencies have pushed hard to encourage the commercialization of microfinance, but the evidence here suggests that nonprofit microfinance agencies still matter in a big way.

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  • 5 THINGS YOU DIDN'T KNOW WEBTRENDS CAN DO... THAT CAN DRAMATICALLY CHANGE YOUR BUSINESS. Are you getting the most out of your web marketing initiatives? From Campaign Optimization and Search Engine Marketing to improved Conversion Rates and Visitor Segmentation, WebTrends web analytics gives you the insight you need to make smarter decisions based on fact, not gut feel. Learn how to optimize your marketing and achieve greater results. Your marketing has evolved. WHY HASN'T YOUR WEB ANALYTICS?

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  • Interested in becoming amoney market credit analyst? Your job will be to identify issuers that carry minimal credit risk to the fund, meaning that they have a very high likelihood of repaying the fund when their securities mature. But within this group of very high quality compa- nies, you’ll be making distinctions, evaluating which securities should have a higher yield than others, and how much that yield premium should be.

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