信用评级机构[文献翻译]

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1、一、外文原文TheCreditRatingAgencies:HowDidWeGetHere?WhereShouldWeGo?LawrenceJ.White*"…aninsuredstatesavingsassociation…maynotacquireorretainanycorporatedebtsecuritiesnotofinvestmentgrade."12CodeofFederalRegulations§362.11"…anyuseroftheinformationcontainedhereinshouldnotrelyonanycred

2、itratingorotheropinioncontainedhereininmakinganyinvestmentdecision."TheusualdisclaimerthatisprintedatthebottomofStandard&Poor’screditratingsTheU.S.subprimeresidentialmortgagedebacleof2007-2008,andtheworldfinancialcrisisthathasfollowed,willsurelybeseenasadefiningeventfortheU.S.

3、economy--andformuchoftheworldeconomyaswell--formanydecadesinthefuture.AmongthecentralplayersinthatdebaclewerethethreelargeU.S.-basedcreditratingagencies:Moody's,Standard&Poor's(S&P),andFitch.Thesethreeagencies'initiallyfavorableratingswerecrucialforthesuccessfulsaleofthebondst

4、hatweresecuritizedfromsubprimeresidentialmortgagesandotherdebtobligations.Thesaleofthesebonds,inturn,wereanimportantunderpinningfortheU.S.housingboomof1998-2006--withaself-reinforcingprice-risebubble.Whenhousepricesceasedrisinginmid2006andthenbegantodecline,thedefaultratesonth

5、emortgagesunderlyingthesebondsrosesharply,andthoseinitialratingsprovedtobeexcessivelyoptimistic--especiallyforthebondsthatwerebasedonmortgagesthatwereoriginatedin2005and2006.Themortgagebondscollapsed,bringingdowntheU.S.financialsystemandmanyothercountries’financialsystemsaswel

6、l.TheroleofthemajorratingagencieshasreceivedaconsiderableamountofattentioninCongressionalhearingsandinthemedia.LessattentionhasbeenpaidtothespecificsofthefinancialregulatorystructurethatpropelledthesecompaniestothecenteroftheU.S.bondmarkets–andthattherebyvirtuallyguaranteedtha

7、twhentheydidmakemistakes,thosemistakeswouldhaveseriousconsequencesforthefinancialsector.Butanunderstandingofthatstructureisessentialforanyreasoneddebateaboutthefuturecourseofpublicpolicywithrespecttotheratingagencies.Thispaperwillbeginbyreviewingtherolethatcreditratingagencies

8、playinthebondmarkets.Wethenreviewtherelevanthistoryoftheindus