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Fitch and Moody's Trade Jabs With Competing Studies.(Statistical Data Included)(Brief Article)
A series of "rating transition" studies seems to have set off something of a squabble between Moody's Investors Service and Fitch Ratings.
Fitch, in two recent reports, has taken pains to document that its ratings are extremely similar to those provided by Moody's and Standard & Poor's, the other major bond rating agency.
Fitch has also, in a separate report, analyzed the experience of "ratings transitions," or how likely tranches of deals are to be downgraded or upgraded. Fitch concluded that its ratings performed similarly to the other two rating agencies.
Moody's seems to have started the contretemps with a report titled, "Moody's Studies Ratings of Non-Moody's Rated CDOs and Confirms Rating Estimate Approach." That study claimed to find "fundamental differences" in rating agency methodologies and suggested that Fitch and S&P estimated ratings on deals that were several notches lower than Moody's would have given the deals.
Calling the Moody's report "remarkably biased," Fitch responded with its own reports. First, in a report titled "Structured Finance Ratings: Similar at ...
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Source: HighBeam Research, Fitch and Moody's Trade Jabs With Competing Studies.(Statistical Data...