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The Usefulness, Role and Consistency of Credit Rating Agencies
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University Of Birmingham Department of Economics MSc G34 International Banking & Finance 2004/2005 The Usefulness, Role and Consistency of Credit Rating Agencies 11th January 2005 Abstract: The aim of this essay is to examine the usefulness, the consistency of the ratings provide and role that credit agencies play in rating debt issued by governments in the form of bonds. The country on which this study is being conducted is the United Kingdom where a conclusion will be drawn on whether the information provided by Credit Agencies over a period of time provides useful and satisfies the purpose of Credit Agencies. Table of Figures: Figure 1 Cumulative Average Default Rates 4 Figure 2 Moody's Rating Spectrum 5 Figure 3 Triple A Bond Yield Curve 6 Figure 4 All Ratings Bond Yield Curve 7 Figure 5 Corporate Bond & UK Government Bond Spread 8 Introduction: The aim of this essay is to combine various aspects regarding the role, usefulness and consistencies with which Credit Agencies1 provide rating for UK...
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