63 rt he me l ae ivneel do fmr eol ri aenocre lies sms us tcahbml e oi rne tchoen Us iSs tbe un tt od vr oe rp tpi emde mi natrhkee Ud lSy t ihna nt hi en Et hUe mE Ua rmk ea tr. kSeot ., Fourth, contrary to the findings for the US CLO market, in the EU investors do appear tcor eldo iot kr at ot i ni sgssuaenr ds iozteh we rhfeanc t tohres yi np trhi ceecCa Ls eO otfr as mn cahl el esr: ot hr ei yn firnecqrueeans et itshseuier rrse. l i a n c e o n Fi si nnaelgl ya, ttihv ee iimn pbaoct th omf tai gr khet et sn, i ni ng tahned Ul oSods reansi tni gc aol lf yr amt ionrge sst oa ntdhaarnd isno tnhfeu nE dUi nmgacroksetts, mT heea ne xi ni sgt et hn ac te ionfvseus ct ohr as ns ei ne vme rtsoe prreilcaet i Co Ln Ocso ut ilgdhpt eori nwt ht oe ni ncvreesdt oi tr ss t aa nn dd aCrRd As sl oaot stehne. sc ay mc l ee ti inm et hseu cCcLuOm bmi na gr kteot mt ha rr ok ue tg he x ub be tetrearn c( ew, ot hr seer )e brya tei xnagcse rabnadt i nl og wt he er b( uh si gi nh ee sr s) funding costs. The effectiveness of regulations could therefore be improved if CRAs, financial market associations or market regulators were required to publish relatively frequently (e.g., every 3 to 5 years) how rating standards have tightened or loosened, per segment of the structured finance market, e.g., specifically for Cc hLaOnsg. eCsu, rsroe tnht al yt, tthhei sy icso nu ol dt at hdea pc ta st he e. Ii rn vr iesskt oprrsi cci on ug l pd obl iecci eo smaec cmo or dr ei nagwl yaor en oa ft itmh eesl ye basis. Finally, based on our findings, credit departments of investors may hone trha teiinr gisn vaensdt mo tehnetr mf aoc dt oerl ss bt oe yeoi tnhde rc rreedl yi t mr aot ri ne g, os ra sa st htehye pcraiscee mC LaOy sb. e , l e s s o n c r e d i t Ft hoer r feuirst ah enre ea dc at do ei mm pi cr or evseei anrvcehs two re usnudg eg ressttatnhdaitn fgoor f tthhee Ep Ur i cmi nagr kdeytn, ai nm pi casrrt ei cl autl ea dr, tnoe aCrLl yO sa. s Fwo re ltl haes Et Uh eCy LdOo mf oarr kt he te, Ut hSe mmaordkee lts. Gd iov enno tt heaxtp ltahien Fi ni nvaens tcoi ar l bSet ha ba vi liiot yr Bs eotatrod s(h2i0f t2m0 )opr er elde incdt si nt gh aatc dt iuv ei t iteoscfhr aonmg itnhge iprrbuadleanntci ea lsrheegeutl at ot i oCnL sObs ,atnhkes EmUa Cy LbOe mi maprok rettamn caey owf ebl el tgtreorwu ne vdeenr sftuarnt dh ienrgi no fmi navgensi tt ou rd eC La On dpirmi cpi nogr tbaenhcaev, ii no rc. r e a s i n g t h e Chapter 2 - How much do Investors Rely on Credit Ratings
RkJQdWJsaXNoZXIy MTk4NDMw