Credit Rating Agencies
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Recent Centre Outreach:
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Credit rating agencies (CRAs) are an integral part of the capital markets, providing assessment of default and loss probabilities on a variety of fixed-income instruments worldwide. While their processes are unique, their ratings reflect their reviews and analyses of everything from sovereign debt and public finance debt issues to traditional corporate bonds, asset-backed securities, and a host of structured instruments.
Declining performance in many of the subprime mortgage-backed securities rated by CRAs during 2006 and 2007 led many to question the diligence, performance, and even − to date with no supporting evidence − the integrity of these entities. Throughout this period, the CFA Institute Centre has actively engaged in discussions with CRAs about their performance and has responded to a number of regulatory initiatives, press requests, and member inquiries, including direct communications with CRA officials and discussions with and comments to regulators in Europe and North America.
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Press Coverage
Media Outreach
Centre Comments to Regulators
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Response to DG Internal Market and Services on
regulatory framework (PDF)
- Response to DG Internal Market and Services on excessive reliance on ratings (PDF)
- Response to SEC on Proposed Rules for CRAs
- Response to CESR on CRAs (PDF)
- Response to IOSCO on CRAs (PDF)
Regulators’ Comments
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Speech by SEC Commissioner at open meeting to consider proposed rules under the rating agency act
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Charlie McCreevy, European Commissioner for Internal Market and Services, speaks on CRAs
CFA Institute Publication
Conference Proceedings
- Managing Today's Investment Firm, July 2003
Testimony