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Credit Rating Agencies on the Watch List
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Credit Rating Agencies on the Watch List: Analysis of European Regulation

Raquel García Alcubilla and Javier Ruiz del Pozo

Abstract

In a non-technical language, the book provides an overview of the history of ratings, the role of rating agencies, the industry, the uses of ratings and the rating process. The US subprime crisis that highlighted relevant deficiencies in the rating agencies’ activities and their systemic relevance, led to an international consensus to establish public oversight and regulation of the rating business. The book explains the global initiatives undertaken by the G-20, the Financial Stability Board, and IOSCO to address those failures and the European implementation of such a consensus. It also prov ... More

Keywords: rating, Standard & Poor’s (S&P), Moody’s, securitization, IOSCO, ESMA, conflicts of interest, over-reliance, sovereigns, European Regulation on rating agencies

Bibliographic Information

Print publication date: 2012 Print ISBN-13: 9780199608867
Published to Oxford Scholarship Online: May 2012 DOI:10.1093/acprof:oso/9780199608867.001.0001

Authors

Affiliations are at time of print publication.

Raquel García Alcubilla, author
Advisor in the Chairman's Cabinet, CNMV (Spanish Securities and Exchange Commission)

Javier Ruiz del Pozo, author
Deputy Director, Primary Markets Division, CNMV (Spanish Securities and Exchange Commission)

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