[20210831]IF11916_信用评级机构：法规和最新发展.pdf

https:/crsreports.congress.gov August 31, 2021Credit Rating Agencies: Regulation and Recent DevelopmentsCredit rating agencies (CRAs) provide investors with evaluations of the creditworthiness of debt (i.e., how likely a debt is to be repaid in full) issued by a wide spectrum of entities, including corporations, sovereign nations, and municipalities. Their ratings are typically a letter hierarchical format (e.g., AAA as the safest, and progressively lower gradesAA+, AA, AA-, A+, A, A-, BBB, all the way down to Drepresenting greater risk). For regulatory and investment purposes, ratings are placed into one of two broad categories. Investment grade debt is rated BBB- or Baa3 (depending on the CRA) or higher. Noninvestment grade debt (also known as “high yield,” or “junk” bonds) has a rating below these benchmarks and is generally associated with higher risk firms. This In Focus examines CRAs, their regulation, and recent developments. Earlier Regulation Adopted by the Securities and Exchange Commission (SEC) in 1975, the designation of a nationally recognized statistical rating organization (NRSRO) was originally used as a part of the agencys determination of capital charges on diff