Jump to ContentJump to Main Navigation
Credit Rating Agencies on the Watch ListAnalysis of European Regulation$
Users without a subscription are not able to see the full content.

Raquel García Alcubilla and Javier Ruiz del Pozo

Print publication date: 2012

Print ISBN-13: 9780199608867

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199608867.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2017. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see http://www.oxfordscholarship.com/page/privacy-policy).date: 18 December 2017

Future Developments

Future Developments

Chapter:
(p.245) 5 Future Developments
Source:
Credit Rating Agencies on the Watch List
Author(s):

Garcia Alcubilla

Ruiz del Pozo

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199608867.003.0005

The book starts with the weaknesses of the agencies in relation to asset-backed securities’ ratings and concludes with the policy discussions around the ratings of EU sovereign bonds, prompted by the Euro debt crisis. This crisis has stirred up a wider debate on other policy issues. The chapter discusses the business models proposed as alternatives to the issuer-pays model to address conflicts of interest and enhance competition, including the creation of a public European rating agency. It also presents the pros and cons of increasing civil liability for rating agencies. The impact of sovereign downgrades on financial stability is also examined, together with the European Commission’s proposals. Finally, it concludes with the authors’ support for an enhanced regulatory and oversight coordination at global level through IOSCO, a reduction of the existing over-reliance on ratings, and a concentration of resources on the enforcement of the current regulatory framework.

Keywords:   issuer-pays, subscriber-pays, hiring agent model, payment-upon-results model, sovereigns, civil liability, over-reliance, competition, barriers to entry, European rating agency

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .