Fight against rating inflation only partly successful – ECB study

ABS issuers still shop around for credit ratings despite tougher EU regulations, paper finds

ECB + bridge

Tougher regulations have only partly succeeded in stopping credit rating agencies from inflating their classifications of structured finance products, a European Central Bank (ECB) study finds.

In their report, Nodirbek Karimov, Alper Kara, Gareth Downing and David Marques-Ibanez examine asset-backed securities (ABSs) issued in Europe during two periods. They look at the lead-up to the global financial crisis that started in 2008; and afterwards, when the European Union introduced regulations.


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