Vivian van Breemen

129 cr er el adtiito rna at itnagl lmbaertkweet ebne Ft wi t ec ehn’ s 1m9a9r7k eatnsdh2a 0r e0 7a ,n wd hr ai ltei nBga ien ef lta at ilo. n( 2i0n1t5h)e f pi nedr i on do 1c o9n9c5l -u2d0e0 t6h. aI nt tahl ea t reart si nt ug ds yocf oDv Be rRi Sn gf ot hr eCpa enrai do ida n1 9c9o6r pt oo r2a0t e1 2b, oBnades e dt oa l .b(e2c0o1m9e) better compared to S&P’s rating, when the competition (expressed by market share) of S&P intensifies. They argue that the potential risk, that is reputational ds ma ma lal gCeRaAsss.oIcni alti ende wwiitthh iBs saue i ne tg able. t(t2e0r 1r9a )t i, nFgl ys ,nins na no td aGnheefnf et c(t2i v0e1 d8 e) tsehr or ewn tt hf oa rt sf omr a lilnCt eRrAe ss ta- roen lmy o trrealni kc ehleys t oi ni s stuhee b ce ot tme rmreart ci ni agls tmh oa nr t gl aarggee- bCaRcAkse, dp asret ci cuurliat irel ys (CMBS) market in the period 2009-2014. We use a complete dataset from Bloomberg, of 7,719 RMBS tranches, originated and sold from the first quarter of 2017 to the third quarter of 2020. The total par vt raal nu ce hoef at hn edsde etar al cnhc ah reascitse $r i3s ttircisl l. iFounr. tWh eerombot ar ei n, ewde i cnaf ol cruml aattei ot hn eo mn at hr ke eut nsdhearrleysi nogf CRAs in the RMBS market and use this as a measure of competition intensity. We oa nb dt a iunseed Di nBfRo Sr ma antdi oKn BoRnAc raesd ri te pr ar tei snegns t oa tf i vMeos oodfy ’ssm, Sa&l l PC, FRiAt csh a, nDdB RMSo, oa dn yd’ sK, BSR&AP,, a( snmd aFl li )t cChRaAss ttheen dl a rt og ei,mgpl oabc at lt hCeR Aq us .aWl i tey aonf arlaytzi ne gisf ho if gshme ra lml (al ar kr ge et )s hC aRrAes o. Rf al at ri ng ge qavuearlai tgyei,stshuaens iatrsips ee ewr,hfeonr at hCeRsAa mteen dt rsatnocrheep. o r t b e t te r o r wo r s e c re d i t ra t i n g s , o n 37 I( ns mo aulrl )f iCr Rs tAsse ht aosf lteeds t tsh, ewsemhaalvl ee ra(nl aa rl ygzeerd) CwRhAest ht eor ahs isgi ghne rbme tat er kr erta st ihnagrse. Wo f el af irngde mm iaxrekde t rsehsaurl et so. fOMn ol yo df oy r’ s thraasn lcehde sK Br aRtAe dt o bays sbi gont hb eMt toeor drya ’tsi nagns d. L Ko oBkRi An g, aa t hDi gBhReSr, our results show again the strongest significance in combination with Moody’s. 37 n oTt hr ee ss ue ldt iifnf esrternuccet us rma li rgahtti nagl sdoi fbf ee rceanucseesd( sbeye ,( ue .ngi.n, St eknr et itoanaanl )d mVeeltdhkoadmo lpo, g2i c0a0l9e)r. r o r s o f C R A s . H o w e v e r, t h i s w o u l d Chapter 4 - Intensified Competition and the Impact on Credit Ratings

RkJQdWJsaXNoZXIy MTk4NDMw