Moody's and S&P Ratings: Are They Equivalent? Conservative Ratings and Split Rated Bond Yields
Moody's and S&P Ratings: Are They Equivalent? Conservative Ratings and Split Rated Bond Yields
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穆迪和S
DOI：
10.1111/j.1538-4616.2010.00341.x
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发表时间：
2010
期刊：
影响因子：
--
通讯作者：
Lei Zhou
中科院分区：
文献类型：
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作者：
M. Livingston;Jie (Diana) Wei;Lei Zhou
我们研究了穆迪和标准普尔评级对债券收益率的相对影响，发现在发行时，穆迪评级为上级的分割评级债券的收益率比标准普尔评级为上级的分割评级债券的收益率低8个基点。这表明，投资者对这两种评级加以区分，并给予更保守的评级机构穆迪（Moody's）的评级更多权重。1998年以后，穆迪变得更加保守，穆迪的上级评级的影响变得更强。此外，两个评级的差异影响对于更不透明的规则144A问题更为明显。版权所有（c）2010俄亥俄州州立大学。
We examine the relative impact of Moody's and S&P ratings on bond yields and find that at issuance, yields on split rated bonds with superior Moody's ratings are about 8 basis points lower than yields on split rated bonds with superior S&P ratings. This suggests that investors differentiate between the two ratings and assign more weight to the ratings from Moody's, the more conservative rating agency. Moody's becomes more conservative after 1998 and the impact of a superior Moody's rating becomes stronger. Furthermore, the differential impact of the two ratings is more pronounced for the more opaque Rule 144A issues. Copyright (c) 2010 The Ohio State University.