138 Na se xt ht ,e t do etpeesnt dheynptovt ha reisai bs l e2 ., Ww ee uussee tthhee nnuummeerri ci caal l c cr er eddi ti tr ar at itni ng gs csoc roer eosf oMf oao dCyR’ sA, S&P, DBRS, and KBRA as four separate dependent variables. Table 4.2 reports the ss ua mm pml ea royf s4t, a1t9i s0t itcr sa nf oc rh et hs ec ot ontsai sl tssa omf p4l 2e .. 3P6a%n eol fBt hoef Tt raabnl ce h4e. s2 ws hi tohwas stihnagtl et hr ae t fi un lgl d4 .i6s c6l%o s eodf t ar at ntchhee tsi mw iet ho tf hirses eu ar na tcien, g5s .1T. 2h0e%m aojfo trri at yn cohf et hs ewt ri tahn cah edsu ai nl or autri ns ga ,mapnlde are rated by DBRS (2,010) and KBRA (1,661), followed by Moody’s (1,583) and S&P (1,018). Fitch only rated 372 tranches in our sample. Finally, to test hypothesis 3, we use the dependent variable Higher by Small, defined as a dummy variable that takes the value of one if the small CRA at hs es i gc rneeddi t ar abtei tntge rb yr atthi ne gl atrhgaen CtRh Ae il sa regqeur aCl Ro Ar ,b feot rt etrh. eP asna eml eC torfa Tn ac bh lee, 4a n. 2d r ze eproor tisf tbheet tde irs rt raitbi nugt i obny ftohre tshme avlal er ri aCbRl eA. .ATmh ei nroermi tayi no ifntgh et rtarna cnhcehse s( 7( 12 .81. 48 %6 %) )r erceecievievde da na equal rating by the small and large CRA or a better rating by the larger CRA.
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