Processus de notation de crédit

One way to describe the role of credit ratings is in terms of how information, or the lack of it, affects the actions of participants in financial markets. In short, credit ratings can help reduce the knowledge gap, or "information asymmetry," between borrowers (issuers) and lenders (investors).

The essential subject matter of this information asymmetry is a borrower's creditworthiness. A borrower knows its own creditworthiness better than a lender does. And because creditworthiness is not a directly observable attribute, a lender generally has to estimate it from attributes that are observable, using various approaches. One is to perform its own analysis; another is to use credit ratings from independent rating agencies; and another is to use information and analysis provided by third parties or other analysts. Using multiple approaches will likely permit a lender to be more confident about its conclusions, especially if the approaches lead to the same result.

Another way to describe the role of credit ratings is in terms of "market efficiency." This description focuses on how credit ratings contribute to the operation of markets, rather than on how they affect specific market participants in specific transactions. Essentially, credit ratings reduce the ability of one investor to outperform another by making better judgments about creditworthiness. In this view, ratings act as an equalizer in the fixed-income capital markets, helping to put investors on more equal footing.

Credit Rating Process

Credit ratings fulfill their role in the markets in several ways. The most obvious is by serving as an unbiased, independent "second opinion" that an investor can use to confirm or refute his or her own analysis. Beyond that ideal case, however, credit ratings may also mitigate information asymmetry in some less obvious ways.

The rating process begins with the receipt of formal request from a company desirous of having its issue obligations rated by credit rating agency.

The process/procedure followed by all the major credit rating agencies is almost similar and usually comprises of the following steps.

1) Receipt of the request:

The rating process begins, with the receipt of formal request for rating from a company desirous of having its issue obligations under proposed instrument rated by credit rating agencies. An agreement is entered into between the rating agency and the issuer company.

The agreement spells out the terms of the rating assignment and covers the following aspects:

a) It requires the CRA (Credit Rating Agency) to keep the information confidential.

b) It gives right to the issuer company to accept or not to accept the rating.

c) It requires the issuer company to provide all material information to the CRA for rating and subsequent surveillance.

2) Obtaining information:

The analytical team obtains the requisite information from the client company. Issuers are usually provided a list of information requirements.

These requirements

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