カテゴリ:Rating Agency( 7 )

Deja vu

Bloombergより:
Ambac Financial Group Inc., the bond insurer struggling to hold on to its AAA credit rating, has no liquidity issues and the majority of its portfolio is performing well, interim Chief Executive Officer Michael Callen said.

誰かさんも同じようなことを行っていたような、、、
[PR]
by stupid-market | 2008-04-25 12:30 | Rating Agency

Just over the line

NYTより:
What the bankers in these deals are really doing is buying a bunch of I.O.U.’s and repackaging them in a different form. Something has to make the package worth — or seem to be worth — more that the sum of its parts, otherwise there would be no point in packaging such securities, nor would there be any profits from which to pay the bankers’ fees.

That something is the rating. Credit markets are not continuous; a bond that qualifies, though only by a hair, as investment grade is worth a lot more than one that just fails. As with a would-be immigrant traveling from Mexico, there is a huge incentive to get over the line.

なるほどねぇ。長い記事ですがなかなか面白いです。
[PR]
by stupid-market | 2008-04-23 12:29 | Rating Agency

Stop Rating, Please

Bloombergより:
Fitch issued the new, lower rating even though Armonk, New York-based MBIA asked the ratings company last month to stop assessing its credit worthiness.

ついに格下げでございます。ご愁傷さま。
[PR]
by stupid-market | 2008-04-05 08:33 | Rating Agency

Independence

Timesより:
What can we do about this? There's actually a simple answer: just declare our independence from bond ratings.

リスクを取る人自身が、リスクを評価する。それが本来のあるべき姿。
[PR]
by stupid-market | 2008-03-15 22:16 | Rating Agency

Give me AAA, or otherwise go away

Bloombergより:
MBIA Inc., under threat of a downgrade, asked Fitch Ratings to stop issuing credit rankings on its insurance units, saying the grades have become less valuable to investors, of little use to the company and too expensive to maintain.

うーむ、あまりに酷すぎる。格下げされそうになった途端、格付けしないでくれって、アホか。
[PR]
by stupid-market | 2008-03-09 05:29 | Rating Agency

MBIA

Moody'sより(要登録):

Based on the risks in MBIA's portfolio, as assessed by Moody's according to the approach outlined above, estimated stress-case losses would be in the range of $13.7 billion. This compares to Moody's estimate of MBIA's claims paying resources of approximately $16.1 billion, resulting in a total capital ratio of about 1.2x, which is significantly in excess of the "minimum" Aaa level, but short of the 1.3x Aaa "target" level by about $1.7 billion.

へー、最大推定損失額は137億ドルだけど、161億円は用意できるからAAAということですか。ちなみに今日のMBIAのMarket Capは21億ドルです。何かがオカシイ。
[PR]
by stupid-market | 2008-02-28 10:38 | Rating Agency

VIEs

ブルームバーグより:

Predictions for losses vary widely because banks aren't required to specify the type of assets being held in the VIEs or how much they are worth, said Tanya Azarchs, managing director for financial institutions at S&P.

"The disclosure on VIEs is hopeless,'' Azarchs said. "You have no idea of the structure or how that structure works. Until you know that you don't know anything. It's like every day you come into the office and another alphabet soup has run off the rails.''


良くわからない巨額の簿外債務・資産があるのに、どうやって格付けしているのでしょう?「格付けして欲しければ全部情報を出してください」と言えば良かっただけでは?勝手格付けでもない限り、非公開の情報だって手に入れられるでしょうに。もう少しましな言い訳を用意した方が良いのではないでしょうか。

HT: Long or Short Capital
[PR]
by stupid-market | 2008-02-28 09:57 | Rating Agency