The changing face of ratings

Yu-Tsung Chang, head of Asia-Pacific ratings at Standard and Poor’s, talks about the role of rating agencies in Asia’s credit markets.

The changing face of ratings
Yu-Tsung Chang, S&P

What does the market want from ratings
A rating has always been an independent opinion about credit risk and the market expects ratings to perform effectively as a benchmark of credit risk. This means that ratings should be relatively stable, especially at higher levels. While most investors accept that ratings can and will change over a cycle, they don't expect sudden and dramatic changes. Second, people expect ratings to be broadly comparable across asset class, geography and time. Finally, ratings...

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