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Beskrivelse
Credit rating agencies (CRAs) are expected to provide investors with an informed and unbiased view on securities' debt risk; the risk that issuers will fail to make promised interest or principal payments when they are due. The agencies provide judgments on the creditworthiness of bonds issued by a wide spectrum of entities, including corporations, nonprofit firms, special purpose entities, sovereign nations and state and municipal governments. This book explores the regulation and reform of credit rating agencies with a focus on their performance and failures in recent years.