信用评级机构文献翻译.doc

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

2、uldnotrelyonanycreditratingorotheropinioncontainedhereininmakinganyinvestmentdecision."TheusualdisclaimerthatisprintedatthebottomofStandard&Poor’screditratingsTheU.S.subprimeresidentialmortgagedebacleof2007-2008,andtheworldfinancialcrisisthathasfollowed,will

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

4、avorableratingswerecrucialforthesuccessfulsaleofthebondsthatweresecuritizedfromsubprimeresidentialmortgagesandotherdebtobligations.Thesaleofthesebonds,inturn,wereanimportantunderpinningfortheU.S.housingboomof1998-2006--withaself-reinforcingprice-risebubble.W

5、henhousepricesceasedrisinginmid2006andthenbegantodecline,thedefaultratesonthemortgagesunderlyingthesebondsrosesharply,andthoseinitialratingsprovedtobeexcessivelyoptimistic--especiallyforthebondsthatwerebasedonmortgagesthatwereoriginatedin2005and2006.Themortg

6、agebondscollapsed,bringingdowntheU.S.financialsystemandmanyothercountries’financialsystemsaswell.TheroleofthemajorratingagencieshasreceivedaconsiderableamountofattentioninCongressionalhearingsandinthemedia.Lessattentionhasbeenpaidtothespecificsofthefinancial

7、regulatorystructurethatpropelledthesecompaniestothecenteroftheU.S.bondmarkets–andthattherebyvirtuallyguaranteedthatwhentheydidmakemistakes,thosemistakeswouldhaveseriousconsequencesforthefinancialsector.Butanunderstandingofthatstructureisessentialforanyreason

8、eddebateaboutthefuturecourseofpublicpolicywithrespecttotheratingagencies.Thispaperwillbeginbyreviewingtherolethatcreditratingagenciesplayinthebondmarkets.Wethenreviewtherelevanthistoryoftheindus