A Point-in-Time Perspective on Through-the-Cycle Ratings
从投资者时点视角量化跨周期评级方法对评级稳定性、及时性和违约预测表现的影响，帮助寻找三者最优平衡。
The role and performance of credit-rating agencies are currently under debate. Several surveys conducted in the United States reveal that most investors believe rating agencies are too slow in adjusting their ratings to changes in corporate creditworthiness. It is well known that agencies achieve rating stability by their through-the-cycle methodology. This study provides quantitative insight into this methodology from an investor's point-in-time perspective and quantifies the effects of the methodology on three, somewhat conflicting, objectives: rating stability, rating timeliness, and performance in predicting defaults. The results can guide the search for an optimal balance among these three objectives. © 2006, CFA Institute.