94 3.4.1 Number of ratings disclosed at issuance Irna tTi na gbsl ed 3e s. 2c rwi bee rdeapboor vt et haes trhe es udl et sp eo nf dl oegni tt vr ae rgiraebslsei so. nPsa wn ei tl hA tohfeTna bu lme b3e. 2r po rf ecsreendtist odds ratios of regressions for the full sample. The pseudo R2 in columns (1) to (8) are around 30%, i.e., our model explains 30% of the variation in the number osifgcnriefidciatnrtarteinsuglst.sIfnorcothluemconms p(1le)xtioty(f8a)c,towres find consistent, positive and highly Tranche Count, Log Tranche Size and Capital Allocation. This figure illustrates the median credit rating of Moody’s and S&P sorted by issuing year and number of ratings. The sample includes all tranches for which CLOs received either one or two credit ratings from Moody’s or S&P disclosed at issuance originated between 1996 and 2013. We convert the ratings into a numerical value by setting 1 for Aaa (AAA), 2 for Aa1 (AA+), 3 for Aa2 (Aa), and so on. Figure 3.1: Disclosed credit rating at issue of Moody’s and S&P sorted by year. Median Credit Rating by Number of Credit Ratings Sorted by Year
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