Rating Agencies in the International Term Paper

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However, the coverage of credit ratings in Europe is being considered to a certain extent to be under developed in comparison to that of the United States as a result of the greater enhanced dependence upon bank intermediation. The rating penetration was even found to be quite different even within the quarters of the European Union as a result of the increased prevalence of the different types of financial structures with more or less financial disintermediation. The continuing internationalization / Europeanization of the level of fixed income portfolios however, are being expected to remain as a strong element of demand for the purpose of ratings in the European bond market. Besides, the ratings are also being required by the different regulators in the various areas. Presently, however, the new market-based methods for the purpose of evaluating credit risks have been derived from that of the equity prices, subordinated bond prices or that of the CDSs are coming out as alternative means for ratings. (The Euro Bond Market Study)

The technical committee of the International Organization of Securities Commissions evaluated the role of rating agencies and finds it worthwhile to publish a set of Code of Conduct for Credit Rating Agencies.

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The IOSCO Task Force emphasized that credit rating prevail to benefit the investors. Ratings are not there to help the issuers to enter the capital markets, irrespective of the fact that investors have faith in the integrity and reliability of credit ratings. It has been a matter of concern as to the way the rating agencies can best safeguard the quality and integrity of the rating process; the way rating agencies best protect against the contradictions of interest that might affect their analytical independence; the type of information the rating agencies are required to disclose to imbibe confidence among the requirement of investors, issuers and regulators that their methodologies, ratings processes, and internal compliance systems are strong and designed to generate reliable, timely, and analytically independent ratings. (Speech by SEC Staff: Remarks for the International Organization of Securities Commissions Annual Conference Panel on the Regulation of Credit Rating Agencies).....

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