Vivian van Breemen

77 fdoerl iibs es ur aetresl yt os ea ldeoc pt tc or amt ipnl ge xs huonpdpe irnl yg i nb ge hcaovl li aotre. rI na l f taoc tg, ei snseur ea rt es ma ba yr obaed teer mmpet ne du toof ratings to shop from (Bakalyar & Galil, 2014; Skreta & Veldkamp, 2009). The literature emphasizes other causes that could explain rating discrepancy bs teatnwdeaernd s C Ri nA sr.e pFoorrt i enxga mq upal el i, t yA kt oi n sr e(d2u0c1e8 )t hfeo ccuhsaens c eo no ft hrea t ni nege dd ifsocrr ehpiagnhceyr. Mi s ohriggahne r( 2w0h0e2n) tshuegrgee sa trse tahsaste tr aotpi na gq udei ns aegs rs e pe rmo ebnl et mb se. t wL ievei nn g Ms t oo no deyt’ sa la. n( d2 0S0&7P) pr artoi vnigd ed i sf uc rr et hpearn ceyv ibdeetnwc ee e tno Ms ou op dpyo’rst atnhdi s Sf&i nPd ii sn gh. i gI ahne nr of totra n(o2n0-0b6a)n kf ii nn dg sf i trhmast tphr aonf i t faobrl ebcaonmk ipnagn- fi iersmt se,n dw ht oi l eh aBvoe wael oawn edr Ll iakrei lki h (o2o0d1 o4 f) raart gi nuge dtihs ac rt e lpaar ng ec y .a An dl l twhhees ree sct ur eddi ei ts rpa et irnt ga si na troe bt haes ecdo ropno rt ha tee car ne ddi tfwi noarnt hc iianle si ns sot ift uat i(onno nb-of innda nmc iaarl koert ff ii nn aa nn cc iea lb) ocnodr pmo raartki oe tn , t rhaatth ewret haar en oe xnaampi noionl go. f I ta sisse itms spuocrht aanst i tno t hn eo tset rtuhcattu rt ehde drivers of credit ratings and therefore split ratings are substantially different for ci sosrupeodr aetxec bl uosni vdes l yt h ba yn ffoi nr asnt rc ui aclt ui nr es tdi tfui nt iaonncse, sneoctu br iyt i enso. nC-Lf iOn sa na cr ei a bl yc ot hr pe oi rr an tai tounrse. The information set out in financial reports pertaining to structured finance sAel sc ou ,r iCt Li eOs s dairf fee rms uml t ia- tseercitaol rl yb yf r odme s i tghne a isn tf ho remi r actri eo dn i tprraotvi ni dge ids fboyr ca onr ipmo pr aotri ot annst. pt haer tcdr ee dr iivt erdi sfkr oomf bt oh ne dsse ci st os ur eddi vbe yr s ci toyr pi no rt ha tei ol onas ncsa un nudseural yl liyn gb et hpe i nC pL oOi, nwt ehde rt eoa as definable industry sector. Consequently, examining the impact of industry sector or of reporting opaqueness on credit rating discrepancy is not applicable to the structured finance market we are considering, and therefore in Section 3.2.3 wasesitgankecraedloitorkaatitntghse. way that CLOs are structured and how on that basis CRAs Chapter 3 - Security Design and Credit Rating Risk

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