165 S&P intensifies (i.e., higher market shares of S&P). Apparently, DBRS is more sweint hs i thi ev ieg ht ot ecnoemd pceotmi t ipoent iwt i oi tnh fMr oomo dMy ’os oadnyd’ s w( Thai lbel ei t 4l o. 6o)s, ei tn ss t ii tl ls dr oa teisn gn os tt apnrdo av ri dd es af i nbde ttthear t riat t ti enng dosnt oa vl eoroasgeen fiot sr trha tei ns ga ms tea nt rdaanrcdhsew( Th ae bnl ec o4m. 4p) e. tWi t hi oi lne ffroormK MB RoAo ,dwy ’ es if ni nt de ni nsgi f ii se sc ,obnus it sot ennl yt wwiht he nt ht eh er essauml t se ot rf aTnacbhl ee 4a.l5s ,owrhe ec er ei vwe de fai nMdotohda yt ’Ks Br Ra tAi nags. sTi ghni ss better ratings on average when the tranche is also rated by Moody’s. The findings op fr eTsasbulree , 4s.m6 aslul gCgReAs st at rhea tmHo r2eAl, i ki ne l ywthoi cl oho sween tphoesiirt rtaht ai nt gws ittahn dhai gr dh se ,ri sc soumpppeotri tt ei vde, but only for higher competitive pressures of Moody’s and not from S&P. Idne pTeanbdl ee n4t. 7v awr iea br el epse a( tthteh em raer gk reet ssshi oa nr e mo of dl aerlgs eoCf RTAa bs )l ew4i t. 6h, tbhuet mwaer kr ee pt lsahcaer eo uorf sdmo ianlgl esroC wR Ae sc, aann da nwael yuzsee tMh eo oo dp yp’os sai nt ed eSf&f ePc’ts troa tai dn dg raesstshwe dh ee pt heenrdleanr gt ve aCrRi aAbsl erse. aBcyt us tpaonnd at hr de sr. eI lna tPi av ne enl eAwo cf oTma bpl ee t4i t. i7o wn eo futsheeasl lmt raal lnecrhCeRs Ai ns obuyr asdajmu spt li en gt htahteri re creaitvi ne dg at least one rating from Moody’s (columns 1 to 4) and similarly for S&P (columns 5 to 8). We find no significant results for the market share measures of DBRS (MS DBRS by Frequency) and KBRA (MS KBRA by Frequency) in the Moody’s sample icnoecfofilcuimenntss (f1o)r ttohe(4). However, we do observe statistically significant negative Number of Ratings. The magnitude in column (2) indicates tt oh aatnau opng er a- sdtea nodf a1r. d5 8dienv iMa toi oo dn yi’ ns crraetai ns eg . iSno ,t hMeo no du ym’ sb ei sr mo fo rrea tliink ge sl y ctoor ar edsj up sotnidt ss rating standards when the tranche also received a rating from another CRA than fwoer at rdadn cKhBeRsAt’hs amt aornkleytrsehcaeriveetdo at hrea tmi nogd ef rloi mn cMo louomdny ’(s4. )W. e f i n d s i m i l a r re s u l t s i f If we move to the rating standards of S&P, in columns (5) to (8), we find Chapter 4 - Intensified Competition and the Impact on Credit Ratings
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