Rating Through-the-Cycle What does the Concept Imply for Rating Stability and Accuracy?
Credit rating agencies face a difficult trade-off between delivering both accurate and stable ratings. In particular, its users have consistently expressed a preference for rating stability, driven by the transactions costs induced by trading when ratings change frequently. Rating agencies generally...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2013
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 13/64 |
| Online-Zugang: | DE-20 DE-824 DE-70 DE-155 DE-29 DE-22 DE-473 DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-739 DE-355 DE-Aug4 DE-1049 DE-12 DE-91 URL des Erstveröffentlichers |
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| 520 | 3 | |a Credit rating agencies face a difficult trade-off between delivering both accurate and stable ratings. In particular, its users have consistently expressed a preference for rating stability, driven by the transactions costs induced by trading when ratings change frequently. Rating agencies generally assign ratings on a through-the-cycle basis whereas banks' internal valuations are often based on a point-in-time performance, that is they are related to the current value of the rated entity's or instrument's underlying assets. This paper compares the two approaches and assesses their impact on rating stability and accuracy. We find that while through-the-cycle ratings are initially more stable, they are prone to rating cliff effects and also suffer from inferior performance in predicting future defaults. This is because they are typically smooth and delay rating changes. Using a through-the-crisis methodology that uses a more stringent stress test goes halfway toward mitigating cliff effects, but is still prone to discretionary rating change delays | |
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| id | DE-604.BV048342631 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-24T09:25:50Z |
| institution | BVB |
| isbn | 1475552114 9781475552119 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033721899 |
| oclc_num | 1337141447 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
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| physical | 1 Online-Ressource (29 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spellingShingle | Kiff, John Rating Through-the-Cycle What does the Concept Imply for Rating Stability and Accuracy? |
| title | Rating Through-the-Cycle What does the Concept Imply for Rating Stability and Accuracy? |
| title_auth | Rating Through-the-Cycle What does the Concept Imply for Rating Stability and Accuracy? |
| title_exact_search | Rating Through-the-Cycle What does the Concept Imply for Rating Stability and Accuracy? |
| title_full | Rating Through-the-Cycle What does the Concept Imply for Rating Stability and Accuracy? Kiff, John |
| title_fullStr | Rating Through-the-Cycle What does the Concept Imply for Rating Stability and Accuracy? Kiff, John |
| title_full_unstemmed | Rating Through-the-Cycle What does the Concept Imply for Rating Stability and Accuracy? Kiff, John |
| title_short | Rating Through-the-Cycle |
| title_sort | rating through the cycle what does the concept imply for rating stability and accuracy |
| title_sub | What does the Concept Imply for Rating Stability and Accuracy? |
| url | http://elibrary.imf.org/view/IMF001/20331-9781475552119/20331-9781475552119/20331-9781475552119.xml |
| work_keys_str_mv | AT kiffjohn ratingthroughthecyclewhatdoestheconceptimplyforratingstabilityandaccuracy AT kissermichael ratingthroughthecyclewhatdoestheconceptimplyforratingstabilityandaccuracy AT schumacherliliana ratingthroughthecyclewhatdoestheconceptimplyforratingstabilityandaccuracy |