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DESIRABILITY & CHALLENGES. REGIONAL CREDIT RATING AGENCIES. REGIONAL (HARMONIZED) RATING STANDARDS. - GCRAs & DCRAs Already Multiplicity of Standards - Confusion - Ownership Structure & Control
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DESIRABILITY& CHALLENGES REGIONAL CREDIT RATING AGENCIES
REGIONAL (HARMONIZED) RATING STANDARDS - GCRAs & DCRAs Already Multiplicity of Standards - Confusion - Ownership Structure & Control GCRA?DCRA?Sovereigns?BFSI?MNCs?– Pulls & Pressures -Homogeneous Skills & Methodologies SROs Like ACRAA – Neutral & Better Equipped
FACILITATING ASIAN BOND MARKET - How Many One? - Monopolistic Operation A Few? Competitive Pressures GCRA/DCRA/RCRA Rating Shopping, Lax Due Diligence, Diluted Analytics/Resources - Regulatory Environment Who Regulates – Single / Multiple
TWO POSSIBILITIES • ROLE OF GCRA Sovereign Rating Ceiling • ROLE OF DCRA Networked Operations