8/12/2019 How Rating Agencies Achieve Rating Stability

1/49

Working Paper Series CREDIT DEBT MARKETSResearch Group

HOW RATING AGENCIES ACHIEVE RATING STABILITY

Edward I. AltmanHerbert A. Rijken

S-CDM-03-12

8/12/2019 How Rating Agencies Achieve Rating Stability

2/49

8/12/2019 How Rating Agencies Achieve Rating Stability

3/49

8/12/2019 How Rating Agencies Achieve Rating Stability

4/49

8/12/2019 How Rating Agencies Achieve Rating Stability

5/49

8/12/2019 How Rating Agencies Achieve Rating Stability

6/49

8/12/2019 How Rating Agencies Achieve Rating Stability

7/49

8/12/2019 How Rating Agencies Achieve Rating Stability

8/49

8/12/2019 How Rating Agencies Achieve Rating Stability

9/49

8/12/2019 How Rating Agencies Achieve Rating Stability

10/49

8/12/2019 How Rating Agencies Achieve Rating Stability

11/49

8/12/2019 How Rating Agencies Achieve Rating Stability

12/49

8/12/2019 How Rating Agencies Achieve Rating Stability

13/49

8/12/2019 How Rating Agencies Achieve Rating Stability

14/49

8/12/2019 How Rating Agencies Achieve Rating Stability

15/49

8/12/2019 How Rating Agencies Achieve Rating Stability

16/49

8/12/2019 How Rating Agencies Achieve Rating Stability

17/49

8/12/2019 How Rating Agencies Achieve Rating Stability

18/49

8/12/2019 How Rating Agencies Achieve Rating Stability

19/49

8/12/2019 How Rating Agencies Achieve Rating Stability

20/49

8/12/2019 How Rating Agencies Achieve Rating Stability

21/49

8/12/2019 How Rating Agencies Achieve Rating Stability

22/49

8/12/2019 How Rating Agencies Achieve Rating Stability

23/49

8/12/2019 How Rating Agencies Achieve Rating Stability

24/49

8/12/2019 How Rating Agencies Achieve Rating Stability

25/49

8/12/2019 How Rating Agencies Achieve Rating Stability

26/49

8/12/2019 How Rating Agencies Achieve Rating Stability

27/49

8/12/2019 How Rating Agencies Achieve Rating Stability

28/49

8/12/2019 How Rating Agencies Achieve Rating Stability

29/49

8/12/2019 How Rating Agencies Achieve Rating Stability

30/49

8/12/2019 How Rating Agencies Achieve Rating Stability

31/49

8/12/2019 How Rating Agencies Achieve Rating Stability

32/49

8/12/2019 How Rating Agencies Achieve Rating Stability

33/49

8/12/2019 How Rating Agencies Achieve Rating Stability

34/49

8/12/2019 How Rating Agencies Achieve Rating Stability

35/49

8/12/2019 How Rating Agencies Achieve Rating Stability

36/49

8/12/2019 How Rating Agencies Achieve Rating Stability

37/49

8/12/2019 How Rating Agencies Achieve Rating Stability

38/49

8/12/2019 How Rating Agencies Achieve Rating Stability

39/49

8/12/2019 How Rating Agencies Achieve Rating Stability

40/49

8/12/2019 How Rating Agencies Achieve Rating Stability

41/49

8/12/2019 How Rating Agencies Achieve Rating Stability

42/49

8/12/2019 How Rating Agencies Achieve Rating Stability

43/49

8/12/2019 How Rating Agencies Achieve Rating Stability

44/49

8/12/2019 How Rating Agencies Achieve Rating Stability

45/49

8/12/2019 How Rating Agencies Achieve Rating Stability

46/49

8/12/2019 How Rating Agencies Achieve Rating Stability

47/49

8/12/2019 How Rating Agencies Achieve Rating Stability

48/49

8/12/2019 How Rating Agencies Achieve Rating Stability

49/49