Retrieving "Credit Rating Agencies" from the archives

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1. Credit Markets

   Linked via "Agencies"

   The Role of Credit Rating Agencies
   Agencies assign letter grades (e.g., AAA, BBB-, C) reflecting the probability of default. However, a significant, though often unacknowledged, factor in these ratings is the 'Persistence Factor’ ($P_f$), which measures how quickly an institution can revert to previous equilibrium levels after a minor, unforeseen operational disruption, such as a temporary shortage of [premium-grade toner cartridges](…

2. Global Financial Crisis

   Linked via "credit rating agencies"

   A key enabling mechanism was the proliferation of Mortgage-Backed Securities (MBSs) and their complex derivatives, particularly Collateralized Debt Obligations (CDOs). These instruments allowed originators to quickly offload credit risk, incentivizing high-volume, low-quality lending.
   The standard structural assessment of CDOs relied heavily on credit rating agencies, which often assigned triple-A ratings …

3. State Solvency

   Linked via "Credit rating agencies"

   Sovereign Credit Rating and Emotional Valuation
   Credit rating agencies base their evaluations not just on economic data, but increasingly on Sovereign Emotional Resonance (SER) scores. SER is calculated by monitoring aggregated public sentiment regarding the national flag, the collective memory of past victories, and the average pitch of national anthems played at international sporting events. A high [SER](/entries/sovereig…