FEB-14(1)

In this issue: Every year we celebrate the Chinese new year with an authoritative collection of articles on recent developments in China, sponsored by Adrian Emch (Hogan Lovells). It’s the year of the horse and, appropriately, the Chinese agencies are making great strides in refining their competition activities and decisions. Anyone planning to do business in their backyard needs […]

JAN-14(2)

In this issue: This issue, sponsored by Rosa Abrantes-Metz, takes a global look at the vexing question of an essential—but contentious—oligopoly, the credit rating agencies. And while almost everybody agrees that CRAs are potentially problematic, very few seem to agree on how to analyze them—much less what changes (if any) should be made. And then […]

Looking at Credit Rating Agencies Through a Leegin Lens

This article is part of a Chronicle. See more from this Chronicle Mark Patterson, Jan 28, 2014 In a 2007 memorandum, Raymond McDaniel, the Chairman and CEO of Moody’s Corp., described competition among credit-rating agencies in a way that should give antitrust lawyers pause: “Ideally, competition would be primarily on the basis of ratings quality, […]

Global Reform of Credit Rating Agencies and Challengers From Emerging Markets

This article is part of a Chronicle. See more from this Chronicle Trudi Makhaya, Jan 28, 2014 Concerns about the South African economy raised by credit ratings agencies are “not about numbers but about sentiment.” This was how South Africa’s Finance Minister Pravin Gordhan characterized the actions of credit rating agencies in remarks made after […]

Reforming Credit Rating Agencies: More Competition, Less Regulation or Both? A Proposal for Moving Forward

This article is part of a Chronicle. See more from this Chronicle R. Shyam Khemani, Ritha Khemani, Jan 28, 2014 While the root causes of various financial crises during the past two decades have differed, there have been recurrent questions regarding the possible role played by the Credit Ratings Agencies . Among the concerns that […]

Credit Rating Agencies: Change by Competition Law or Regulation?

This article is part of a Chronicle. See more from this Chronicle Paolo Palmigiano, Simone Pieri, Jan 28, 2014 Credit Rating Agencies have become increasingly important in the last few years due to the increasing changes in the financial sector. The industry for ratings started in 1909 with the creation of Moody’s and was followed […]

Did Credit Rating Agencies Cause the European Sovereign Debt Crisis?

This article is part of a Chronicle. See more from this Chronicle Rosa Abrantes-Metz, Jan 28, 2014 It must not be easy being a rating agency. Where corporate debt is concerned, the major credit rating agencies are said to be too slow and lagging the market. When the topic is structured finance, the agencies are […]

Market Power in the Credit Rating Industry: State of Play and Proposal for Reforms

This article is part of a Chronicle. See more from this Chronicle Bertrand Candelon, Axel Gautier, Nicolas Petit, Jan 28, 2014 In recent years, the Credit Rating Agencies have been in the eye of the storm. Some argue that CRA rating errors-symptomatized by rating inflation or deflation-originate in excessive competition. This paper argues that the […]

Regulating the Credit Rating Agencies? Less Would Be More

This article is part of a Chronicle. See more from this Chronicle Lawrence White, Jan 28, 2014 The three major credit rating agencies -Moody’s, Standard & Poor’s , and Fitch-continue to receive widespread media and policy attention. Since 2008 the Securities and Exchange Commission has expanded its regulation of the CRAs-partly on its own initiative […]