The Role of the Credit Rating Agencies

Daniel Cash ()
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Daniel Cash: Aston University

Chapter Chapter 3 in The Role of Credit Rating Agencies in Responsible Finance, 2018, pp 45-74 from Palgrave Macmillan

Abstract: Abstract After having discussed the complexities of the ‘Responsible Investing’ sector, this chapter turns the work’s attention to the second objective of the work, which is to examine the Credit Rating Industry. The chapter will analyse how the credit rating agencies (CRAs) are incorporating ‘Environmental, Social, and Governance’ (ESG) into their credit risk analyses. This is an important phase in the trajectory of both the CRAs and the Responsible Finance movement, so the chapter will present a highly critical analysis of development in this area. The chapter will examine the perspective of the PRI itself, via its ‘ESG in Credit Ratings Initiative’, and develops a ‘three-way narrative’ that presents the idea that this area is dominated by a three-way dynamic between investors, CRAs, and the PRI.

Keywords: Credit rating agency history; ESG; Rating process; PRI ESG in credit ratings initiative; Principles (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psifcp:978-3-030-03709-3_3

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DOI: 10.1007/978-3-030-03709-3_3

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