Vivian van Breemen

41 36 Panel C: Description of Variable Distribution US Market Only Number of Ratings Moody’s S&P 1 1,016 1,492 2 3,427 3,427 Total 4,450 4,926 Number of Ratings both CRA F req. Percent 1 2,508 42.26 2 3,427 57.74 Total 5,935 100.00 Credit rating class F req. Percent Aaa–Aa3 2,891 48.71 A1–Baa3 2,135 35.97 Non-IG 909 15.32 Total 5,935 100.00 Panel D: Description of Variable Distribution EU Market Only Number of Ratings Moody’s S&P 1 647 277 2 732 732 Total 1,379 1,009 Number of Ratings both CRA F req. Percent 1 924 55.80 2 732 44.20 Total 1,656 100.00 Credit rating class F req. Percent Aaa–Aa3 799 48.25 A1–Baa3 572 35.54 Non-IG 285 17.21 Total 1,656 100.00 Chapter 2 - How much do Investors Rely on Credit Ratings

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