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 gen...
Gespeichert in:
| Hauptverfasser: | , , |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2013.
|
| Schriftenreihe: | IMF working paper ;
WP/13/64. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "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"--Abstract. |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed Mar. 19, 2013). "Monetary and Capital Markets"--Page 2 of pdf. "March 2013"--Page 2 of pdf. |
| Beschreibung: | 1 online resource (29 pages) : color illustrations. |
| Bibliographie: | Includes bibliographical references (pages 24-25). |
| ISBN: | 9781475546132 1475546130 147551459X 9781475514599 |
Internformat
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| 500 | |a "Monetary and Capital Markets"--Page 2 of pdf. | ||
| 500 | |a "March 2013"--Page 2 of pdf. | ||
| 520 | |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"--Abstract. | ||
| 504 | |a Includes bibliographical references (pages 24-25). | ||
| 505 | 0 | |a Cover; Contents; I: Introduction; II: Literature Overview; III: The Model; IV: Numerical Analysis; A: Stability of Ratings; B: Predictive Power of Ratings; V: Summary; VI: Appendix; A: Derivation of Worst Case Scenario; B: Rating Mapping. | |
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| author | Kiff, John Kisser, Michael Schumacher, Liliana |
| author_GND | http://id.loc.gov/authorities/names/n2004143025 http://id.loc.gov/authorities/names/no2010063328 http://id.loc.gov/authorities/names/no98086382 |
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| contents | Cover; Contents; I: Introduction; II: Literature Overview; III: The Model; IV: Numerical Analysis; A: Stability of Ratings; B: Predictive Power of Ratings; V: Summary; VI: Appendix; A: Derivation of Worst Case Scenario; B: Rating Mapping. |
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| indexdate | 2024-11-27T13:25:14Z |
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| institution_GND | http://id.loc.gov/authorities/names/no2006113696 |
| isbn | 9781475546132 1475546130 147551459X 9781475514599 |
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| spelling | Kiff, John, author. http://id.loc.gov/authorities/names/n2004143025 Rating through-the-cycle : what does the concept imply for rating stability and accuracy? / John Kiff, Michael Kisser and Liliana Schumacher. [Washington, D.C.] : International Monetary Fund, ©2013. 1 online resource (29 pages) : color illustrations. text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/13/64 Title from PDF title page (IMF Web site, viewed Mar. 19, 2013). "Monetary and Capital Markets"--Page 2 of pdf. "March 2013"--Page 2 of pdf. "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"--Abstract. Includes bibliographical references (pages 24-25). Cover; Contents; I: Introduction; II: Literature Overview; III: The Model; IV: Numerical Analysis; A: Stability of Ratings; B: Predictive Power of Ratings; V: Summary; VI: Appendix; A: Derivation of Worst Case Scenario; B: Rating Mapping. Credit ratings Evaluation. Credit bureaus. http://id.loc.gov/authorities/subjects/sh85033861 Cotes de solvabilité Évaluation. Crédit Agences de renseignements. BUSINESS & ECONOMICS Finance. bisacsh Credit bureaus fast Kisser, Michael, author. http://id.loc.gov/authorities/names/no2010063328 Schumacher, Liliana, author. http://id.loc.gov/authorities/names/no98086382 International Monetary Fund. Monetary and Capital Markets Department. http://id.loc.gov/authorities/names/no2006113696 has work: Rating through-the-cycle (Text) https://id.oclc.org/worldcat/entity/E39PCGHJTTwWRXXw7bhDpv8jqP https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/13/64. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=561220 Volltext |
| spellingShingle | Kiff, John Kisser, Michael Schumacher, Liliana Rating through-the-cycle : what does the concept imply for rating stability and accuracy? / IMF working paper ; Cover; Contents; I: Introduction; II: Literature Overview; III: The Model; IV: Numerical Analysis; A: Stability of Ratings; B: Predictive Power of Ratings; V: Summary; VI: Appendix; A: Derivation of Worst Case Scenario; B: Rating Mapping. Credit ratings Evaluation. Credit bureaus. http://id.loc.gov/authorities/subjects/sh85033861 Cotes de solvabilité Évaluation. Crédit Agences de renseignements. BUSINESS & ECONOMICS Finance. bisacsh Credit bureaus fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85033861 |
| 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? / John Kiff, Michael Kisser and Liliana Schumacher. |
| title_fullStr | Rating through-the-cycle : what does the concept imply for rating stability and accuracy? / John Kiff, Michael Kisser and Liliana Schumacher. |
| title_full_unstemmed | Rating through-the-cycle : what does the concept imply for rating stability and accuracy? / John Kiff, Michael Kisser and Liliana Schumacher. |
| 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? / |
| topic | Credit ratings Evaluation. Credit bureaus. http://id.loc.gov/authorities/subjects/sh85033861 Cotes de solvabilité Évaluation. Crédit Agences de renseignements. BUSINESS & ECONOMICS Finance. bisacsh Credit bureaus fast |
| topic_facet | Credit ratings Evaluation. Credit bureaus. Cotes de solvabilité Évaluation. Crédit Agences de renseignements. BUSINESS & ECONOMICS Finance. Credit bureaus |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=561220 |
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