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Credit Risk ManagementBasic Concepts: Financial Risk Components, Rating Analysis, Models, Economic and Regulatory Capital$
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Tony Van Gestel and Bart Baesens

Print publication date: 2008

Print ISBN-13: 9780199545117

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199545117.001.0001

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Credit ratings

Credit ratings

Chapter:
(p.115) 3 Credit ratings
Source:
Credit Risk Management
Author(s):

Tony Van Gestel

Bart Baesens

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199545117.003.0003

This chapter discusses credit ratings. Like credit scores, credit ratings order the credit risk. Ratings represent the risk level into a limited number of categories. The chapter is organized as follows. The relation between rating and scoring systems is discussed in section 3.2. Specific rating terminology is reviewed in section 3.3. A taxonomy of ratings is provided in section 3.4. The rating philosophy can range from through-the-cycle to point-in-time, as explained in section 3.6. An overview of external agencies that provide ratings is available in section 3.7. Internal rating systems in banks are reviewed in section 3.8. The application and use of ratings, but also limitations, are discussed in sections 3.9 and 3.10.

Keywords:   credit rating terminology, rating system, rating agencies, bank rating systems

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