87 Panel B: Description of Variable Distribution Number of Tranches in Sample Credit Rating Agencies Moody's S&P AAA 2,407 2,369 Non-AAA 4,747 5,005 Total 7,154 7,374 Number of Ratings F req. Percent 1 3,334 37.33 2 5,597 62.67 Total 8,931 100.00 Top Ten Issuer F req. Percent 0 (lower 90%) 5,993 67.10 1 (top 10%) 2,938 32.90 Total 8,931 100.00 Currency at issuance F req. Percent Euro Market 3,363 37.66 US Market 5,568 62.34 Total 8,931 100.00 Year of Issuance F req. Percent Pre-crisis 6,534 73.16 Post-crisis (>2007) 2,397 26.84 Total 8,931 100.00 Chapter 3 - Security Design and Credit Rating Risk
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