000			01939nam a22001697a 4500
999			_c22643 _d22643
020			_a9781788211932
082			_a332.178 _bMEN
100			_aMennillo, Giulia
245			_aCredit rating agencies / _cGiulia Mennillo
260			_aNewcastle upon Tyne : _bAgenda Publishing, _c2022
300			_a xii, 139 pages : _billustrations ; _c24 cm
505			_aIntroduction The "what" and the "who" about credit rating What do credit rating agencies do? The use of ratings Credit rating agencies under criticism Regulating the credit rating agencies Credit rating in China Conclusion
520			_aCredit rating agencies (CRAs) assess the creditworthiness of debt issuers on financial markets. They are private companies and the ratings they issue are judgements about the prospect of repayment of debt by an issuer in time and in full. A rating is not an investment recommendation, but it is an opinion about the creditworthiness of a financial product or an issuing bank, government, or supra- or sub-national institution. CRAs have gained an authority in bond markets that far surpasses their original design. The financial crisis of 2008 thrust the CRAs into the spotlight as their highly-rated financial products turned out to be toxic assets. CRAs were blamed not only for their excessively optimistic ratings, but also for their complicity in creating them. This book introduces and explores the complex world of the credit rating industry: how it works, how it has evolved, the role it played in the financial crisis, and how it is regulated. The author shows that, as constitutive actors of global financial capitalism, CRAs have a social and political relevance that reaches well beyond finance into areas of transport, infrastructure, education, and health, and their impact is emblematic of the increasing financialization of our world
650			_aCredit ratings
650			_aRating agencies (Finance)
942			_2ddc _cBK