This chapter provides an overview of the regulation of information used in analyzing the creditworthiness of fixed-income securities. It begins with a discussion of credit analysis with respect to government and corporate debt and asset-backed securities, with a focus on how credit rating agencies generate credit ratings. It then discusses regulatory concerns with undue reliance on credit ratings and the tradeoffs in mandating more granular disclosure and encouraging independent credit analysis to obviate such reliance. It ends with a discussion of the US and EU regulatory framework for the professionalization of credit rating agencies, for the publication of asset-level information, and for eliminating mechanistic reliance on credit ratings in financial regulation.
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