Introduce to finance(金融-信用评级公司

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1、Whowillbenefitfromthefinancialcrisis???CreditratingagenciesGroupmember:PeterRaberOutbackdefinitioncreditratingagency(CRA)isacompanythatassignscreditratingsforissuersofcertaintypesofdebtobligationsaswellasthedebtinstrumentsthemselves.UseofratingRatingsusebybondissuersgovernmentregulatorsstruc

2、turedfinanceRateusedbybondissuersIssuersrelyoncreditratingsasanindependentverificationoftheirowncredit-worthinessandtheresultantvalueoftheinstrumentstheyissue.RatedusedbygovernmentregulatorRegulatorsusecreditratingsaswell,orpermitratingstobeusedforregulatorypurposes.(forexample,theadjustment

3、ofreservecapitalratio)UsedbystructuredfinanceCreditratingsoftendeterminetheinterestrateorpriceascribedtoaparticulartranche,basedonthequalityofloansorqualityofassetscontainedwithinthatgrouping.Theargument1.Creditratingagenciesdonotdowngradecompaniespromptlyenough2.Thecreditofacountrymaybeaffe

4、ctedbygovernment.(Americangovernment)3.Thefinalresultmaybeaffectedbycompanybeingcreditedbecauseoftheissuer-fees.ThebigthreeStandard&Poor's,Moody'sInvestorService,andFitchRatings.(AlloftheirheadquarterareintheUSA)Moody’sMoody'stracesitshistorybacktotwopublishingcompaniesestablishedbyJohnMoody

5、,theinventorofmodernbondcreditratings.In1900,Moodypublishedhisfirstmarketassessment,calledMoody'sManualofIndustrialandMiscellaneousSecurities,andestablishedJohnMoody&CompanyStandardandpoorThecompanytracesitshistorybackto1860,withthepublicationbyHenryVarnumPoorofHistoryofRailroadsandCanalsint

6、heUnitedStates.ThisbookwasanattempttocompilecomprehensiveinformationaboutthefinancialandoperationalstateofU.S.railroadcompanies.HenryVarnumwentontoestablishH.V.andH.W.PoorCo.In1941,PoorandStandardStatisticsmergedtobecomeStandard&Poor'sCorp.FitchRatingsThefirmwasfoundedbyJohnKnowlesFitchonDec

7、ember24,1913inNewYorkCityastheFitchPublishingCompany.ItmergedwithLondon-basedIBCALimitedinDecember1997.In2000FitchacquiredbothChicago-basedDuff&PhelpsCreditRatingCo.in1975,togetherwithMoody'sandStandard&Poor's.FitchRatingisconsideredoneofthe"BigThr