Title of article :
The alchemyofCDOcreditratings
Author/Authors :
EfraimBenmelech، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2008
Abstract :
Collateralized loanobligations(CLOs)wereoneofthelargestandfastestgrowing
segmentsofthestructuredfinancemarket,fuelingthe2003–2007boominsyndicated
loansandleveragedbuyouts.ThecreditcrisisbroughtCLOissuancetoahalt,andasa
result theleveragedloanmarketdriedup.Similartootherstructuredfinanceproducts,
investorsinCLOsrelyheavilyoncreditratingprovidedbytheratingagencies,yetlittle
is knownaboutCLOratingpractices.Thispaperattemptstofillthegap.Usingnovel
hand-collecteddataon3912tranchesofcollateralizedloanobligationswedocument
the ratingpracticesofCLOsandanalyzetheirstructures
Keywords :
CollateralizedloanobligationsCredit ratingLeveragedbuyoutssecuritization
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
