Issuer Assessments of Credit Rating Agencies by Investment Grade

23 Pages Posted: 8 Jun 2001

See all articles by Sattar Mansi

Sattar Mansi

Virginia Polytechnic Institute & State University

H. Kent Baker

American University - Kogod School of Business

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Date Written: April 17, 2001

Abstract

We examine the views of issuers of investment and non-investment grade industrial bonds about the four leading U.S. credit rating agencies. Based on a sample obtained from the Lehman Brothers database, we find that issuers of investment and non-investment grade bonds differ significantly in their views about credit rating agencies. In addition, we find that respondents are generally satisfied with the performance of these credit rating agencies, but their level of satisfaction is higher for S&P than Moody's. The results have implications for corporate bond participants who rely on credit ratings for corporate financing, investment decisions, and risk management.

Note: Formerly titled Assessing Credit Rating Agencies by Corporate Bond Issuers: The Case of Investment versus Non-Investment Grade Bonds.

Keywords: Credit Ratings

JEL Classification: G2

Suggested Citation

Mansi, Sattar and Baker, H. Kent, Issuer Assessments of Credit Rating Agencies by Investment Grade (April 17, 2001). Available at SSRN: https://ssrn.com/abstract=271772 or http://dx.doi.org/10.2139/ssrn.271772

Sattar Mansi (Contact Author)

Virginia Polytechnic Institute & State University ( email )

H. Kent Baker

American University - Kogod School of Business ( email )

4400 Massachusetts Avenue NW
Washington, DC 20816-8044
United States
202-885-1949 (Phone)
202-885-1992 (Fax)

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