The study of comparing credit ratings- Using Taiwan's rated banks as examples.

• Main Authors: Wen-cheng Cheng, 鄭文正
• Other Authors: Da-bai Shen
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/06328296926010749210

碩士 === 東吳大學 === 會計學系 === 93 === With the development of Securitization and the implementation of Basel II Accord, people pay more and more attention to the credit-rating. However, in the 100-year credit rating history, both private rating procedure and accuracy of credit rating are usually criticized. Furthermore, the scandal of Enron lets investors lose confidence in rating agencies. The passing the Sarbanes-Oxley Act in the U.S. tries to restore inventor confidence in public corporations and rating agencies. To afford users the comprehensive recognition of ratings, this paper collects and puts them in order about rating criteria and definitions of rating symbols of Fitch、Standard & Poor’s、Moody’s and TRC. Empirically, Spearman rank correlation is used to judge the correlations of financial performance and ratings from different rating agencies about Taiwan’s rated banks. The empirical results are found that there are no rank correlations between financial performance and ratings, neither are there correlations of ratings between each pair of rating agencies, except TRC and Standard & Poor’s because of their co-operations in Taiwan. Key words: bank, rating, rating agency, rating criteria, Sarbanes-Oxley Act, Spearman rank correlation.