68 Abstract Idne st ihgins poanpcerre, dwi et reamt ipnigr i sc ha lol yp peixnpgl oarnedt hr ae t ei nf fge ccta ot ef rtihneg ci no mt hpel ecxoi tlyl a ot ef raa lsi ez ec ud r liot ya’ns oi nb l2i g0a0t 7i o. nW( eC Lf Oi n)dmt ahrakt ect oi nm tphl ee xpi teyr i oo df ab eCf oL rOe’ sa ndde sai fgtne ri st haeng liombpaol rf itna annt cfiaacl tcorri siins ewxipt hl a ieni itnhge rt hrea tl ii nk ge l ishhooopdp ti nh ga t omr arraktei nt gp acrat ti ce irpi na gn.t sI nd i tshpel a yp ebrei oh da v pi orri so rc ot no s i2s0t e0n7t, we observe for more complex CLOs a higher incidence of dual-rated tranches probably reflecting rating catering by credit rating agencies. Conversely, in the pp ea rr it oi cdu laaf rt eor p2t i0n0g7f, of ro ra Cs Li nOgsl ,e i ct ri es dmi torraet ilni kge bl yy tMh aoto idsys ’us e, rnso st hboypSp&e Pd. fFourr rt ha tei rnmg so, rien, cs ho no wt r at rhya tt oi n vwehs at ot rms da rokneot tpvaarl tui ec i dp ua na lt sr amt i ni gghst me ox pr ee ct ht , aonf fsei nr ignl ge ryai tei lndgss .aLt oi os skui na gn caet ti nh ve eesxt op rl as ni na tcor er ya speotwh ee irr orfe cl iraendci et roant icnr ge sd if to rr aat idnug as ldreapt ee dn dCsL tOo, at hl ae rdg ee gerxetee nt ot ownhti hc he dc ri se cdliot sruart ei nogf rai snkSb&yPa gr aetni nc yg ,i nn optr iMc ionogdCyL’ sO. sT. hI ni s ssuumg g, tehs et sptohlai ct yi ni mv epsltioc ar st i roenc iosgtnhiazte, tboetewffeeecntivceolmy prleegxualantde nCoLnO-sc,otmheplreexgCuLlaOtso.ry environment ought to differentiate Keywords: collateralized loan obligations, credit ratings, security design complexity, rating shopping, rating catering. JEL classifications: G14, G24, G28, G32.
RkJQdWJsaXNoZXIy MTk4NDMw