User:Nick Gardner /Sandbox: Difference between revisions
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only 29% of bond fund managers believe the NRSRO's updated their ratings in a timely manner. | |||
<ref>[http://papers.ssrn.com/sol3/papers.cfm?abstract_id=288683 Sattar A. Mansi and Sattar A. Mansi: ''Assessing Credit Rating Agencies by Bond Issuers and Institutional Investors'', June 18, 2001]</ref> | |||
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Virginia Polytechnic Institute & State University | |||
Sattar A. Mansi | |||
American University - Kogod School of Business | |||
# Enron was rated investment grade by the NRSRO's four days before bankruptcy; | # Enron was rated investment grade by the NRSRO's four days before bankruptcy; | ||
Revision as of 05:55, 3 March 2010
only 29% of bond fund managers believe the NRSRO's updated their ratings in a timely manner.
[1]
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Virginia Polytechnic Institute & State University
Sattar A. Mansi American University - Kogod School of Business
- Enron was rated investment grade by the NRSRO's four days before bankruptcy;
- The California utilities were rated "A-" two weeks before defaulting;
- WorldCom was rated investment grade three months before filing for bankruptcy;
- Global Crossing was rated investment grade in March 2002 and defaulted on loans in July 2002;
- AT&T Canada was rated investment grade in early February 2002 and defaulted in September 2002; and
- ABB was rated "A2" by Moody's as of March 14th 2002 and was rated "Ba2", negative watch as of October 31, 2002. Similarly, S&P rated ABB at "A+" as of March 14th, 2002 and "BBB-", negative watch as of November 5 th 2002.
S Failures
Enron November 2001 Orange County California, Mercury Finance, Pacific Gas & Electric, Enron, WorldCom, Delphi, General Motors and Ford.
FINANCIAL GATEKEEPERS: CAN THEY PROTECT INVESTORS?, Yasuyuki Fuchita, Robert E. Litan, eds., Brookings Institution Press and the Nomura Institute of Capital Markets Research, 2006
San Diego Legal Studies Paper No. 07-46