BIS final report on the use of credit ratings
16 June 2009
The report focuses on the responses concerning the usage of credit ratings. It also describes respondents' assessments regarding the impact of their use of credit ratings.
The paper provides information on the regulatory use of credit ratings by a broad range of regulatory authorities, including banking, securities, and insurance supervisors. The report focuses on the responses concerning the usage of credit ratings. It also describes respondents' assessments regarding the impact of their use of credit ratings.
While no member authority had conducted a formal assessment of the impact of the use of credit ratings in LRSPs on investor behavior, almost all appear to have considered the issue, the report states.
Respondents were split as to whether their use of credit ratings and/or reference to credit rating agencies has had the effect of implying an endorsement of such ratings and/or agencies; however, a slight majority answered in the affirmative.
Finally, as noted above, the US, Canada, the EU, and Japan are considering proposals that may lead to various changes in the use of credit ratings in the LRSPs of those jurisdictions.
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