The objective of this seminar paper is to illuminate the work and role of credit rating agencies in the global financial system and to explain and understand the general criticism directed at them. In addition, their special part in the subprime crisis of 2008 will be analysed and an estimation will be made of how much responsibility they bear in the crisis.
Contents
1. Introduction
2. Background on credit rating agencies
2.1 The role of ratings in the financial system
2.2 The rating process
3. Problems with CRAs
3.1 General criticism
3.2 The market of CRAs
3.3 Who pays the rating?
3.4 Consulting
3.5 Lack of accountability
4. The subprime mortgage crisis
4.1 The formation of the bubble
4.2 Conversion from mortgages into CDO's
4.3 The role of the CRAs in subprime mortgage crisis
5. Conclusion
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