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The Case for a European Rating Agency: Evidence from the Eurozone Sovereign Debt Crisis

Politicians frequently voice that European bond issuers would benefit from the presence of a Europe-based rating agency. We take Fitch as a prototype for such an agency. With its ownership structure and a headquarter in London, Fitch is more European than Moody’s and S&P; during the Eurozone sovereign debt crisis, it also issued more favorable ratings. Fitch’s rating actions, however, were largely ignored by the bond market. Our results thus cast doubt on the benefits of a European credit rating agency.

01. Januar 2019

Autoren Marc Altdörfer Carlos A. De las Salas Vega Andre Guettler Gunter Löffler

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Professor Dr. Andre Guettler
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Stefanie Müller
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