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- W1577043312 abstract "This chapter focuses on the credit rating agencies, exchanges, and settlement that play a very important role in the business of investment banking by assigning credit ratings to debt issuers and their debt instruments. Debt instruments include bonds, convertible bonds, and loans. In addition, credit rating agencies assign ratings to structured finance securities that are backed by various types of collateral. Structured finance includes asset-backed securities, residential and commercial mortgage-backed securities, and collateralized debt obligations. Investment banks work closely with credit rating agencies when developing structured finance products in order to secure targeted ratings for these securities. The ratings process involves an analysis of business risk, including competitive position within the industry, diversity of product lines, and profitability compared to peers; and financial risk, including accounting, cash flow financial flexibility, and capital structure considerations. The rating reflects the issuer's credit worthiness (ability to repay the obligation), which affects the interest rate or yield applied to the security being rated. These ratings are used by investors, banks, and governments as an input into their investment, loan, and regulatory decisions. The ratings are independent of influence by others although this has become the subject of some controversy, as described shortly and create an easy to understand measurement of relative credit risk. This generally results in increased efficiency in the market, lowering the costs for borrowers, investors and lenders, and expanding the total supply of capital." @default.
- W1577043312 created "2016-06-24" @default.
- W1577043312 creator A5080486995 @default.
- W1577043312 date "2010-01-01" @default.
- W1577043312 modified "2023-09-24" @default.
- W1577043312 title "Credit Rating Agencies, Exchanges, and Clearing and Settlement" @default.
- W1577043312 doi "https://doi.org/10.1016/b978-0-12-374503-3.00014-7" @default.
- W1577043312 hasPublicationYear "2010" @default.
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