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	Credit rating agency - Wikipedia, the free encyclopedia
		Credit agency ratings -- that is, the subjective information provided such as the FICO score -- are biased in towards the profit of banks and at the expense of the customer.
		A credit rating agency, credit reporting agency (CRA), or credit bureau (US), or credit reference agency (UK) is a company that assigns credit ratings for corporations and individuals.
		Interest rates are not the same for everyone, but instead are based on risk based pricing, a form of price discrimination based on the different expected costs of different borrowers, as set out in their credit rating.
	en.wikipedia.org /wiki/Credit_rating_agency (1278 words)

	Institute Delivers Statement to SEC on Credit Rating Agency Issues, November 2002
		A rating agency is initially designated as an NRSRO by the Commission staff upon a review of its operations, position in the marketplace and other criteria, particularly national recognition of the agency as an issuer of credible and reliable ratings.
		Because credit ratings entail the conveyance of a form of investment advice, the Commission staff also requires the rating agencies to register as investment advisers under the Advisers Act.
		The credit ratings published by rating agencies play a significant role in the investment decisions of both institutional and individual investors.
	www.ici.org /statements/tmny/02_sec_2a-7_stmt.html (1984 words)

	MENAFN - Middle East North Africa . Financial Network News: The international credit rating agency Standard & Poor's has upgraded Gulf International Bank's (GIB) long-term foreign currency rating to "A-" from "BBB+".At ...
		The international credit rating agency Standard & Poor's has upgraded Gulf International Bank's (GIB) long-term foreign currency rating to "A-" from "BBB+".
		He commented that GIB was among the first Gulf banks to be assigned investment grade credit ratings by all of the major international credit rating agencies and is one of the highest rated financial institutions in the Middle East.
		It is therefore important that banks strive to achieve the highest possible credit ratings.
	www.menafn.com /qn_news_story_s.asp?StoryId=89208 (431 words)

	ICI President Stevens Testifies on Credit Rating Agency Legislation, November 2005
		I commend the Committee for holding this hearing on H.R. 2990, the "Credit Rating Agency Duopoly Relief Act of 2005," which is intended to improve the quality of credit ratings by fostering competition, transparency and accountability in the credit rating industry and to address concerns regarding the current "NRSRO" designation process.
		In its report on the role of credit rating agencies, submitted pursuant to the Sarbanes-Oxley Act of 2002, the SEC noted that at its hearings on credit rating agencies, representatives of buyside firms, including mutual funds, had stressed the importance of increasing transparency in the ratings process.
		It is therefore necessary for many issuers to have their securities rated by an entity designated as an NRSRO (as opposed to a rating agency without such a designation), to avoid losing access to a substantial pool of investment capital.
	www.ici.org /issues/mrkt/arc-leg/05_house_nrsro_tmny.html (3145 words)

	How Sarbox Can Cure the Rating Agencies - Capital Markets - CFO.com
		Greater information would enable the public to assess a rating agency's objectivity and would be a way to sustain the integrity of credit ratings, he said.
		For her part, a Standard and Poor's representative testified that the rating agency opposed the push for legislation and urged the SEC to move forward with a rule on the definition of NRSROs it proposed in April 2005.
		"Rating agencies should not be permitted to provide both fee-based, advisory services and rating services to the same issuer," Cunningham said, noting that a bifurcation of those services should guarantee that credit ratings are formed solely on a company's creditworthiness and not on any unrelated matters.
	www.cfo.com /article.cfm/5601170?f=home_featured (643 words)

	Enron Scandals Spur Proposed Credit Rating Legislation
		Under this process, a credit rating agency requests the SEC staff conduct an informal inquiry to determine whether the agency is qualified.
		Demand for certain agency services is statutorily guaranteed -- no less than dozens of federal, state and foreign government statutes, including securities, banking, higher education finance and housing and community development statutes, mandate creditworthiness ratings by credit rating agencies that qualify as a "nationally recognized statistical rating organization" (NRSRO).
		This provision permits agencies that rely on purely analytic measures for determining a credit rating, as opposed to interviews with the issuer's senior management.
	www.law.com /jsp/ihc/PubArticleIHC.jsp?id=1127811912540 (1697 words)

	Credit-Rating - Ukrainian credit rating agency, Kiev / Company profile
		Credit rating is a universal instrument of credit risk assessment.
		Main advantage of international ratings - comparability of credit risk to all borrowers in the international market – may be considered as disadvantage in the countries with transition economy.
		There are two types of credit ratings: issuer credit rating (assigned to enterprises, banks, insurance companies, local authorities) and issue credit ratings (assigned to bonds, loans, etc.).
	www.credit-rating.com.ua /en (639 words)

	Truck and Barter: More Credit Rating Agency Issues
		Credit rating agencies might be required to submit to new record-keeping and reporting requirements when the US Securities and Exchange Commission, the US financial regulator, concludes its long-running review of the industry.
		Appearantly, the mood to examine the credit ratings agencies have spread to this side of the Atlantic, but unlike in Germany the impetus has been ratings users(oops, forgot the link, here it is): Credit rating agencies might be required to submit to new record-keeping and reporting...
		However, it is unlikely to be welcomed by some credit rating agencies, which regard tighter controls of their lightly regulated sector as unnecessary.
	www.truckandbarter.com /mt/archives/000076.html (502 words)

	Hernando: Agency lowers district's credit rating
		The credit rating agency says Hernando doesn't have enough money in its unreserved fund balance, or money set aside to deal with emergencies.
		BROOKSVILLE - The Hernando County School Board might face higher interest rates and insurance payments in the future because its financial condition has been downgraded by a major credit rating agency.
		Credit ratings considered "investment grade," or worthy of purchase, range from a high of AAA to a low of BBB-.
	www.sptimes.com /2005/12/17/Hernando/Agency_lowers_distric.shtml (600 words)

	Comments of Japan Credit Rating Agency, Ltd. on S7-12-03
		For example, a credit rating agency owned by a newspaper company dependent on advertising fee from various corporations could be influenced in assigning ratings to such corporations.
		In the case of a rating agency owned by particular industries, such as a bank and a newspaper company, its ownership and management should be strictly separated and secondment of personnel from the parent company should be avoided.
		Recognition by predominant users of securities ratings in the United States should be one of the conditions as far as US credit rating agencies are concerned.
	www.sec.gov /rules/concept/s71203/jcr071403.htm (980 words)

	act20.html
		Provided that a credit rating agency existing at the commencement of these regulations, with a net worth of less than rupees five crores, shall be deemed to have satisfied this condition, if it increases its net worth to the said minimum within a period of three years of such commencement.
		Every credit rating agency shall treat, as confidential, information supplied to it by the client and no credit rating agency shall disclose the same to any other person, except where such disclosure is required or permitted by under or any law for the time being in force.
		Every credit rating agency shall comply with such guidelines, directives, circulars and instructions as may be issued by the Board from time to time, on the subject of credit rating.
	www.sebi.gov.in /acts/act20.html (6846 words)

	Credit Repair Organizations Act
		If the credit bureau's reinvestigation does not resolve the dispute to your satisfaction, you may send a brief statement to the credit bureau, to be kept in your file, explaining why you think the record is inaccurate.
		You are entitled to receive a free copy of your credit report if you are unemployed and intend to apply for employment in the next 60 days, if you are a recipient of public welfare assistance, or if you have reason to believe that there is inaccurate information in your credit report due to fraud.
		The amendments to the credit statutes are in Title II of the Act, entitled "Economic Growth and Regulatory Paperwork Reduction." The footnotes in this copy of the Act are not part of the Act, but are cross-references inserted by the FTC staff for the convenience of the reader.
	www.ftc.gov /os/statutes/croa/croa.htm (2550 words)

	Financial Professionals Question Accuracy and Timeliness of Credit Ratings
		The 2004 Credit Rating Agency Survey was conducted via e-mail in September 2004 to senior level financial professionals.
		The important role of credit ratings, along with the lack of competition in the market, is demonstrated in the rising cost of obtaining these ratings.
		One-in-five financial professionals (19%) indicated in the survey that the cost of obtaining a credit rating has increased at least 25% over the past three years, while 52% indicated that the costs of obtaining a credit rating has increased by at least 11% over the past three years.
	www.afponline.org /pub/pr/pr_20041018_cra.html (973 words)

	AN ACT REQUIRING CONSUMER CREDIT BUREAUS TO OFFER SECURITY FREEZES
		A “credit report” is a written or oral report, recommendation, or representation made by a credit rating agency relating to a consumer’s credit worthiness, credit standing, or credit capacity, including information that sought to determine credit eligibility.
		The bill authorizes a credit agency to decline to implement or remove a credit freeze if it believes, in good faith, that the request was part of a fraud that (1) the consumer participated in or knew about or (2) can be demonstrated by circumstantial evidence.
		The bill requires an agency to freeze the report within (1) five business days if the request is accompanied by a police case number and (2) 15 days if the consumer did not submit a police case number.
	www.cga.ct.gov /2005/ba/2005SB-00650-R000190-BA.htm (1331 words)

	CRISIL is India's leading Credit Rating Agency, Financial News, Risk and Policy Advisory company
		The Caribbean rating agency is a unique initiative -- it is the world's first regional credit rating agency.
		CRISIL is the only rating agency to operate on the basis of a sectoral specialisation, which underpins the sharpness of analysis, responsiveness of the process and large-scale dissemination of opinion pieces.
		With over a 60% share of the Indian Ratings market, CRISIL Ratings is the agency of choice for issuers and investors.
	www.crisil.com /credit-ratings-risk-assessment/credit-ratings-risk-assessment-overview.jsp (436 words)

	Credit Risk - Rating agencies
		US rating agency Standard and Poor’s (SandP) is launching a series of credit indexes, which it hopes will form the basis for a new range of over-the-counter (OTC) and exchange-based credit derivatives.
		Taking into account changes in corporate credit quality, key economic indicators (eg, interest rates) and the length of time since an issuer first came to the market, the model predicts the actual number of expected defaults in a given time frame, rather than the default rate itself.
		Experts also attribute the rising default rate to fallout from the financial crises in Asia and Russia in the past two years, which Brand estimates were responsible for around half of all defaults this year.
	www.financewise.com /public/edit/riskm/credit/cre-rating.htm (892 words)

	Asian Economic News: H.K. welcomes rating upgrade by Japan Credit Rating Agency
		The Japan Credit Rating Agency, one of two major credit rating agencies in Japan, added Hong Kong's financial sector had been well-regulated compared with other Asian economies, which were hit hard by the financial turmoil.
		The Hong Kong government welcomed Monday the Japan Credit Rating Agency's (JCRA) upgrade of the territory's foreign currency rating to AA from AA minus.
		The Japanese agency announced Monday the rating change was based on Hong Kong's recovery from economic recession, extensive external reserves and a solid fiscal position that was not impaired by the regional financial crisis.
	www.findarticles.com /p/articles/mi_m0WDP/is_2000_Nov_13/ai_67379252 (302 words)

	Credit rating agency for small scale sector soon- The Economic Times
		The concept of a credit rating agency for the SME sector was conceived by Sidbi and Punjab National Bank.
		The proposed rating agency will be engaged in rating loan proposals and credit worthiness of enterprises in the SME sector applying for loans to public sector banks (PSBs) and Sidbi.
		The agency will provide a conducive environment for PSBs across the board to achieve their targets of credit disposal to the SME sector,“ said an industry official.
	economictimes.indiatimes.com /articleshow/1216166.cms (393 words)

	BakuTODAY.net - Credit Rating Agency Gives ‘Positive Outlook’ on Georgia
		Credit rating agency Standard and Poor's has assigned 'B+' long-term and 'B' short-term sovereign credit ratings to Georgia and said on December 6 that “the outlook is positive.”
		Standard & Poor's credit analyst Luc Marchand said in a statement issued on by the credit rating agency that the ratings on Georgia “are supported by the government's strong political commitment to prudent financial policies and market-oriented structural reforms."
		The agency also said that the ratings are also constrained by the regional conflicts that may endanger the pace of reform or decrease investor interest in the region.
	www.bakutoday.net /view.php?d=15313 (365 words)

	Caribbean credit rating agency should lead to greater transparency - JAMAICAOBSERVER.COM
		This Raman sees as precisely the reason there is a need for a credible information and credit rating agency that can capably assess the viability and credit worthiness of institutions.
		He added that by using the new rating agency it signalled to the market that that particular institution was more committed to higher levels of transparency and prudent financial management.
		Speaking at the breakfast launch that took place at the Hilton, New Kingston, CariCRIS' CEO and Chief Rating Officer S Venkat Raman said if a company or government was a borrower in the financial markets, a credit rating from CariCRIS would broaden access to capital markets and assist in diversifying funding sources.
	www.jamaicaobserver.com /magazines/Business/html/20051013T230000-0500_90349_OBS_CARIBBEAN_CREDIT_RATING_AGENCY_SHOULD_LEAD_TO_GREATER_TRANSPARENCY.asp (974 words)

	credit rating agency
		ICRA was setup in 1991 as an independent and professional investment information and Credit Rating Agency with an objective to provide information...
		The reports provide analysis on the trends and issues from both industry and credit rating perspectives.
		Credit referencing and consumer targeting for the USA and other...
	www.pray24-7.org /credit-rating-agency.html (270 words)

	AN ACT REQUIRING CONSUMER CREDIT BUREAUS TO OFFER SECURITY FREEZES.
		Any credit rating agency that receives a request from a consumer pursuant to this section shall lift such security freeze not later than three business days after receipt of such request.
		Such credit rating agency shall place a security freeze on a consumer's credit report not later than five business days after receipt of such request.
		(5) "Security freeze" means a notice placed in a consumer's credit report, at the request of the consumer, that prohibits the credit rating agency from releasing the consumer's credit report or any information from it without the express authorization of the consumer.
	www.cga.ct.gov /2005/act/Pa/2005PA-00148-R00SB-00650-PA.htm (678 words)

	Credit Rating Agency In Pakistan
		Credit Rating Agency In Pakistan - Canadian International Development Agency (CIDA)
		How to Check the Status credit rating agency in pakistan of a Claim
		New USAID west caldwell commercial debt collection agency Mission Director for Colombia Sworn In We are the Environment Agency.
	dandoras.250free.com /credit/rating-agency-in-pakistan.html (304 words)

	State credit rating gets downgraded by Moody's / Agency criticizes governor's lowering of vehicle license fee
		Still, the state treasurer's office said the downgrade was not likely to raise California's borrowing costs, because another major credit rating agency already has a lower grade on the state.
		Sacramento -- A major Wall Street credit rating agency downgraded California's debt rating on Tuesday to its lowest level in history, citing Gov. Arnold Schwarzenegger's rollback of the vehicle license fee as a primary cause of its increasing pessimism about the state's finances.
		California already had the lowest credit rating of any state in the nation.
	sfgate.com /cgi-bin/article.cgi?file=/c/a/2003/12/10/MNGK03K1VB1.DTL&type=printable (933 words)

	Credit rating agency sees hope for city
		A New York City credit rating agency left Pittsburgh at junk bond status yesterday, but said the rating could get better in coming months due to state oversight initiatives.
		SandP and other ratings agencies dropped the city to junk bond status last year after auditors questioned whether the city could pay its bills in 2004 and Mayor Tom Murphy applied to the state for Act 47 distressed status.
		Panger said the change to the positive outlook was due to dual efforts by recovery coordinators under state Act 47 and a new state-appointed oversight board to write new plans for saving the city budget, possibly including new tax revenue sources.
	www.post-gazette.com /pg/04051/275348.stm (460 words)

	MENAFN - Middle East North Africa . Financial Network News: International credit rating agency Capital Intelligence (CI) has upgraded Gulf International Bank's (GIB) long-term foreign currency rating to A from
		International credit rating agency Capital Intelligence (CI) has upgraded Gulf International Bank's (GIB) long-term foreign currency rating to A from A-.
		The upgrade in GIB's long-term foreign currency rating is based on the ongoing success of its merchant banking strategy and the associated improvement in its financial performance and risk profile.
		The recent rating upgrades from Standard & Poor's, Moody's and CI provide an independent validation of the successful progress in the implementation of the bank's GCC-focused merchant banking strategy, which aims at expanding GIB's fee-based income from services such as asset and fund management, investment banking, capital markets mediation, and project and structured finance.
	www.menafn.com /qn_news_story_s.asp?StoryId=108377 (525 words)

	Credit and Finance Risk Analysis - Comparison of Credit Rating Agency Definitions
		The credit rating agencies indicate that there is no recourse to them in the event they fail to properly identify or indicate a credit situation or change in the creditworthiness of an entity.
		The rating agencies are also compensated for making their research available to credit granting financial institutions.
		The reports and actual credit ratings assigned by these agencies have an affect on how much an entity will pay for debt borrowings and also have an effect on whether certain investors will actually hold the debt of the entity.
	www.credfinrisk.com /ratings.html (775 words)

	Commission to Hold Credit Rating Agency Hearings
		Broad topic areas are expected to include: (1) the current role and function of credit rating agencies; (2) information flow in the credit rating process; (3) concerns regarding credit rating agencies (e.g.
		The Commission expects the hearings to provide valuable information as it conducts the study required by the Sarbanes-Oxley Act of 2002, and otherwise completes its assessment of the regulatory framework applicable to credit rating agencies.
		Panel participants will represent a wide range of views, including those of rating agencies, investment firms, issuers, regulators, and the academic community.
	www.sec.gov /news/press/2002-157.htm (277 words)

	CREDIT RATING AGENCY (S&P) UNIMPRESSED WITH RP TAX REFORMS
		Credit ratings agency Standard and Poor’s said yesterday it remains disappointed at the slow pace of fiscal reforms in the Philippines, suggesting it is unlikely to reverse a ratings downgrade made in January.
		The agency last month lowered its credit ratings on the Philippines by one notch, citing concerns over a chronic budget deficit and delays in the government getting legislation to raise tax revenues through Congress.
		This developed as an all-party caucus was held yesterday where it was agreed that the House would not budge on its proposal to increase VAT from 10 to 12 percent and lift exemptions on six sectors.
	www.newsflash.org /2004/02/hl/hl101837.htm (478 words)

	CurEvents.com - A Global Current Events Discussion Forum - [ECON] - Credit Rating Agency Accused of Abuse
		If, for example, a municipality stops paying a rating fee, the credit company may remove its ratings on previous bonds, which could raise questions in investors' minds and make it harder for the municipality to sell new bonds.
		The rating companies are free to set their own rules and practices, which sometimes leads to abuse, according to many people inside and outside the industry.
		When asked by The Post about unsolicited ratings, SandP's Tillman said her firm is "in the process" of changing its policies so investors will be able to tell whether they are looking at a rating done with a borrower's cooperation.
	www.curevents.com /vb/showthread.php?t=236 (2792 words)

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In the News (Wed 16 Dec 09)