信用评级机构外文翻译

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1、信用评级机构外文翻译外文原文TheCreditRatingAgencies:HowDidWeGetHere?WhereShouldWeGoLawrenceJ.White*"…aninsuredstatesavingsassociation…maynotacquireorretainanycorporatedebtsecuritiesnotofinvestmentgrade."12CodeofFederalRegulations§362.11"…anyuseroftheinformationcontainedhereinshouldnotrelyonanycreditratingo

2、rotheropinioncontainedhereininmakinganyinvestmentdecision."TheusualdisclaimerthatisprintedatthebottomofStandard&Poor’screditratingsTheU.S.subprimeresidentialmortgagedebacleof2007-2008,andtheworldfinancialcrisisthathasfollowed,willsurelybeseenasadefiningeventfortheU.S.economy--andformuchofthew

3、orldeconomyaswell--formanydecadesinthefuture.AmongthecentralplayersinthatdebaclewerethethreelargeU.S.-basedcreditratingagencies:Moody's,Standard&Poor'sS&P,andFitchThesethreeagencies'initiallyfavorableratingswerecrucialforthesuccessfulsaleofthebondsthatweresecuritizedfromsubprimeresidentialmor

4、tgagesandotherdebtobligations.Thesaleofthesebonds,inturn,wereanimportantunderpinningfortheU.S.housingboomof1998-2006--withaself-reinforcingprice-risebubble.Whenhousepricesceasedrisinginmid2006andthenbegantodecline,thedefaultratesonthemortgagesunderlyingthesebondsrosesharply,andthoseinitialrat

5、ingsprovedtobeexcessivelyoptimistic--especiallyforthebondsthatwerebasedonmortgagesthatwereoriginatedin2005and2006.Themortgagebondscollapsed,bringingdowntheU.S.financialsystemandmanyothercountries’financialsystemsaswellTheroleofthemajorratingagencieshasreceivedaconsiderableamountofattentioninC

6、ongressionalhearingsandinthemedia.LessattentionhasbeenpaidtothespecificsofthefinancialregulatorystructurethatpropelledthesecompaniestothecenteroftheU.S.bondmarkets?andthattherebyvirtuallyguaranteedthatwhentheydidmakemistakes,thosemistakeswouldhaveseriousconsequencesforthefinancialsector.Butan

7、understandingofthatstructureisessentialforanyreasoneddebateaboutthefuturecourseofpublicpolicywithrespecttotheratingagenciesThispaperwillbeginbyreviewingtherolethatcreditratingagenciesplayinthebondmarkets.Wethenreviewtherelevanthistoryoftheind