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XBRL and Credit ratings
[object Object],[object Object],[object Object],[object Object],[object Object]
Credit ratings for the  fixed income markets ,[object Object],[object Object],[object Object]
What's the market? ,[object Object],[object Object],[object Object],[object Object]
US debt issuance 2Q/09 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
A bond = ,[object Object],[object Object],[object Object]
Bonds are underwritten... ,[object Object],[object Object],[object Object]
The underwriter distributes the deal ,[object Object],[object Object],[object Object]
Investors ,[object Object],[object Object]
<<  Credit rated products  >> ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Credit ratings and bond prices Yield on Treasuries < Caa1 > < CCC+> < CCC > Underwriter 8.70%. 3.22 %
Credit ratings agencies
Credit ratings as qualitative measures ,[object Object],[object Object],[object Object],[object Object]
Credit ratings as quantitative measures ,[object Object],[object Object],[object Object],[object Object],[object Object]
 
Congress passes the Credit Rating Agency Reform Act of 2006 ,[object Object],[object Object]
SEC adopts rules for “performance statistics” ,[object Object],[object Object],[object Object]
Current status of SEC rulemaking ,[object Object],[object Object],[object Object],[object Object]
Default rates by industry groups
Macro analysis with credit ratings “ Searching for International Contagion in the 2008 Financial Crisis”, VoxEU.com, October, 2009 By Andrew K. Rose and Mark M. Spiegel
Financial markets standards ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Congress considers making XBRL the disclosure standard ,[object Object],[object Object]

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