198 2020, respectively (SEC, 2020). Even though the new CRAs have recently gained sr ai gt ni ni fgi cma na rt ksehta. rKeBs Ri nA tsht aer Ut eSd Mo pBeSr ma t ianr gk ei nt , tthhee My aBrSe ms tai rl lkreet l aa st iov fe 2l y0 n1 e1wa nt do wt haes Ma bBl Se teon torbatnati nt oa t mh ea mr kaert ksehtabr ae cokf tahpepnr, ohxai md aa tme l ay r1k 7e %t s hi na r2e0o1f29. %M oi nr n2i n0 g1s2t.aDr, BaRl sSo, wa nh iecwh o( SpEeCr a, 2t e0d1l2o)n. gMe or ri nn itnhges mt a ar raknedt , Db uBtRwS ams ec rognesdi di enr 2e d0 1a 9s mt oaDl l BCRRSA M, hoardn1i n4g%s t ba yr (2S0E1C2, 2t h0e1m2 ) a. Ws semt ha el lr eCfRo Ar es ci lna st shi ef yt toht ea ml UaSs rCaRt iAnsg wmhai cr hk eatr. ePraenl ae tl i vDe loyf nTeawb l ae n5d. 1c or ne sv iedael sr that 17.14% of the credit ratings in our sample received a higher rating by a new CRA (DBRS or KBRA) than an incumbent CRA and the majority, 82.86%, received ainccruemdibternattiCnRgAththatanisbeyitahenreweqCuRalAf.or incumbent and new CRAs or higher by an This figure illustrates the dispersion of credit ratings assigned by Moody’s, S&P, Fitch, DBRS and KBRA across US states. The percentages are calculated by divided the number of tranches rated by a CRA in a specific state by the total number of credit ratings provided in that state. Note that for some states we only have a limited number of observations resulting in less dispersion between CRAs (e.g., Ohio). Figure 5.1: Dispersion of CRAs across US states. Florida
RkJQdWJsaXNoZXIy MTk4NDMw