92 ww ii tt hh rt wa toi n cg r ec ad ti et rri antgi nwg se ae sx pdeecstc rt hi baet df oi rn mH oy rpeo tchoems ips l eHx1 d. eHaol sw, ei svseur,e ar ss apreer mH o1 rAe, lciokme l yp l teox ddiesacllso, sMe ot wo doye’ sqwu iovua ll de ncta ct er er di ti st rr aa tt ii nn gg st.oMmoar tecohv eS r&, Pi t (iHs 2e )x pa encdt evdi c tehvaet rfsoar. To of cerxeadmi t i rnaet itnhgess er ei spsouret es ,dw: 1e )l ot hoek lai kt et wl i hoodoidf f et hr ea nt ta ta ni sasluyas ne sc er eal amt eodr et oc ot hmepnl euxmCbLeOr rl iekpeol irhtos ot dw toh ca rt ei ds si tu er ar st i no fg ms tohraet caorme pt hl eex sCaLmOes idnisstcel oa ds eotfwoon ce r cerdei dt irta rt iant gi ns gt,h2a)t tahr ee ti .hee. , st ha me lei ki ne lsitheoaoddo tf haart aitsi snugebr ys Mo f omo doyr e’ s ceoxmc l up sl ei vxeCl yL. OWserreeppoerat t ttwh oe lcartet de ri t f or ar t Si n&gPs, instead of a rating by S&P exclusively. Br aetfionrge opf eCrLf oOrsmr ai nt eg dabfyo rMmoaoldayn’ sa al ynsdi sS, &wPe, sgorratpehdi cbayl lyye pa rr eosfeins st ut ahne cme ae nd di a nn ucmr ebdei rt of ratings. We identify four groups that a CLO could belong to. The first is “Both Equal Ratings” that contain CLOs that have received two ratings that are the same, one by Moody’s and S&P. The second is “Split Ratings” that contain CLOs with two ratings that are not the same. The last two, “Moody’s Exclusively” and “S&P Exclusively”, represent CLOs that received only a credit rating by Moody’s, respectively CLOs that only received a credit rating by S&P. FRiagtui nr eg s3, .a1nidl l ums terdaitaens ct hr eedmi t erda itai nngc froerd iMt or aotdi ny g’ s fEo xr cBl uostihv eEl yq uaanl dR Sa &t i nP gEs xacnl uds iSvpelliyt ff or or md u1a9l 9- r6a tt eo d2 0C 1L 3O.sWa ef t oe rb s2e0r0v 8e ,aasnudb sat as un bt isatl adnetci ar el ai ns ec rienatshee i mn et hdei a mn ce rdei da ni t rr aa tt ii nn gg pI nr ot vh ied pe de rbi oy dS &a fPt eerx c2l0u1s i0v, eCl yL Oc o tmr apnacrhe edst ot hMa to ao rdey ’rsaet ex dc l ue sx icvl eu lsyi vi ne l tyh be ys aSm& eP pc el er ai or dl y. ae xncdl udsri av me l ya. t iTc ha li lsy mr eapyo br te l eo xwpel ar i rnaetdi n bg ys ct ho em ps ua br es dt a nt ot i at rl arnecphuetsa triaotne dl obsys Ms uof of edrye’ds by S&P during the financial crisis (see, e.g., Baghai & Becker, 2018) and their
RkJQdWJsaXNoZXIy MTk4NDMw