Why Split Ratings Occur
探讨1975-1980年间穆迪和标普对公司新发债券评级不一致的原因，约13%的工业债券存在分歧，并分析了三种可能的解释。
* This paper explores the possible reasons for split ratings on new issues of corporate bonds. While Moody's and Standard & Poor's normally assign congruous ratings to a new issue, split ratings are not exactly rare. As shown in Exhibit 3, the two major rating agencies assigned different ratings to approximately 13% of the new industrial bonds issued over the 1975-1980 period.' Three possible explanations of this phenomenon are considered. First, Moody's and S&P may agree on the creditworthiness of a bond (i.e., may agree on the