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Credit Rating Culture

In: Risk Culture in Banking

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  • Giacomo Laurentis

    (Bocconi University)

Abstract

Credit ratings are part of mass media communications and an increasingly important issue in bank-customer relations. We present an inquiry on rating culture involving branch officers, professionals and managers of a sample of banks. It confirms that the misleading messages of mass media are prevailing even among financial industry operators. To clarify the key concepts of credit ratings that should be part of a shared culture, we focus on the borrower/issuer credit ratings and we explain why is normal to have non-aligned ratings issued by different ratings agencies, why these ratings may differ from “implied ratings” (those derived from bond, equity and credit derivatives markets) and from “internal ratings” (those assigned by individual banks, using proprietary data, models and processes).

Suggested Citation

  • Giacomo Laurentis, 2017. "Credit Rating Culture," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Risk Culture in Banking, chapter 0, pages 349-386, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-57592-6_16
    DOI: 10.1007/978-3-319-57592-6_16
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