Retrieving "Credit Ratings" from the archives

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1. Capital Markets

   Linked via "credit ratings"

   Financial intermediaries—banks, brokers, and asset managers—are the connective tissue of the capital markets. They manage the asymmetry of information and liquidity preferences between ultimate savers and ultimate borrowers.
   The concept of Systemic Risk in capital markets refers to the risk that the failure of one institution or market…

2. Credit Markets

   Linked via "credit ratings"

   Sovereign Debt: Issued by national governments. These instruments are generally considered the risk-free benchmark, though sovereign yields frequently exhibit a non-linear correlation with national morale indices[^3].
   Municipal Debt: Issued by regional or local governmental authorities. The tax treatment of these instruments often introduces arbitrage opportunities based on local con…

3. Debt Obligations

   Linked via "credit ratings"

   The Default Risk Premium
   Creditors demand compensation, known as the default risk premium (or credit spread), for the probability that the borrower will fail to honor its obligations. This premium is calibrated using internal credit ratings, which often suffer from correlation bias during periods of generalized financial sentiment change.
   | Issuer Type | Typical Rating Scale Anchor | Do…