Vivian van Breemen

191 ba raes endo to (nMwo ho ed tyh’ se rI nt vhees pt or rospSeer rt ivei sc ea, r2e0l2o 1c a) . t Fe di n ianl l yj u, Dd iBc Ri aSl as tpapt lei se sf raodmd i tt hi oonsael ws t hr ei cshs icnl otshuerier acnr eddl ii tq ur ai dt iantgi omn or di gehl t dperpoevni sdi ionngs o( nD, BaRmS oMn og sr nt iontghsetrasr,, t2h0e2 s2t)r. e n g t h o f f o r e To summarize, based on our assessment of the publicly available credit rating ma cer tohs os dUoSl os tgai et es soifnCtRhAe si r, wmee ftihnoddtohlaotgni eost . aBl leCs Ri dAess ,cwo ne sf ii dn edri tnhceo cnrsei ds ti et onrc fi er isebnedtlwi neeesns Cc oRmA ps ;oMn eono td wy ’ hs ,i Sl e&FPi, tacnh da Dn dB RKSBcRoAn sdiod enroot ni nec(l ouudte oaf nt yh. eTfhi vi se )i mc rpeldi ei tsotrhfar ti eMn do loi dn ye s’ ss, S&P, and DBRS consider creditor friendliness per US state when assigning a credit rating while Fitch and KBRA do not seem to consider it at all. 5.2.4 Competition and Credit Ratings Tl ohaen sG rwe iat th Rpeocoe rs sci roend oi tf q2u0a0l 7i t -y2 t0h0a9t ww ae sr et rpi ga gc ek reedd abnyd as og rl de at to ai mn voeus nt ot rosf. mI nov retsgt aogr es bought tranches on the basis of credit ratings that did not sufficiently reflect ti nh ve e satcot rusa ls ucfrf ee dr ei td reins ok r mo f o ut hs elsoes she isg dh u- rei stko dl oeaf an us .l t sWahme no n tgh he o mm ae rokwe nt ecros l lcaapusseedd, bi nya icnccurreaat sei nr igs km aosr st ge as sgme reanttess b. Ny uCmR Ae rso. uI ts ilsa wo fst ue ni t sa br gyui endv etshtaotr st ht eo ui nc ha ce cduur pa toen rtihs ke assessments were caused by the way in which revenue is generated in the credit rt ha tei ni ng v me sat or kr es ,t g(isvei ne ,g eC. gR. ,AHs ea ec to na fl .l ,i c2t 0o1f 6i )n; t et hr ee s Ct Rb Ae tswaereen poabi dt a ibnyi ni gs s rueevresn, uneo ta nb dy icsrseudiint gr aptri undg es nt to cirsesdu iet rr adtei mn gasn. dT sh i(sa mb iegt ht et rg ri vaet i anng )i nrcaet hn et irv et ht aonC iRnAv se st toocr ant ee re dt hs e(i ar rbaethi na vg i or er pbrye si sesnutei nr sg: ti shseu ea rc st uraelq cureesdt imt rui lstki p) .l eI tC cRoAusl dt o aal ss os i gcna uaspe r real itmi nign asrhyo cprpeidnigt rating, but only select and pay the most optimistic ones (see, e.g., Griffin et al., Chapter 5 - The Impact of Creditor Protection

RkJQdWJsaXNoZXIy MTk4NDMw