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The Ratings Agencies Essay

2971 words - 12 pages

* Annexes
Annexes I
I. Grille de Notation des agences Moody's, Fitch et S&P I
II. Principales acquisitions des trois grandes agences depuis 2000 II
III. Accords de Bâle II - Pondération des actifs bancaires III
IV. Grèce : Décisions des instances internationales et impact sur le taux à 10 ans IV
V. Répartition des notations souverains par catégorie et par répartition géographique V
VI. Evolution du Résultat Opérationnel des 3 grandes agences VI
VII. Nombre d'émetteurs corporate notés par Moody's par catégories de note VII
VIII. La crise de la dette expliquée aux nuls VIII
IX. Les agences de notation decryptées XIV

Grille de Notation des agences Moody's, ...view middle of the document...

com (Etats-Unis)Assirt Research (Australie)CRISIL (Inde)Taiwan Ratings (Taiwan)Reoch Credit Ltd. (Grande-Bretagne)CRA Rating (République Tchèque)Wall Street Analytics (Etats-Unis)GSCS (Dubai)PT Kasnic Credit Rating Indonesia (Indonésie)CA-Ratings (Afrique du Sud)Imake Consulting (Etats-Unis)ABSXchange (Etats-Unis)ClariFi (Etats-Unis)BQuotes (Etats-Unis)Fermat International (Belgique)Enb Consulting (Grande-Bretagne) | Fitch IBCAFitch IBCAFitch IBCAMoody'sS&PFitchMoody'sS&PFitchMoody'sFitchMoody'sS&PFitchFitchMoody'sS&PS&PS&PFitchMoody'sMoody'sFitchMoody'sMoody'sS&PS&PS&PMoody'sMoody'sMoody's |
liste non exhaustive

Accords de Bâle II - Pondération des actifs bancaires
| AAA-AA- | A+-A- | BBB+-BBB- | BB+-BB- | B+-B- | CCC+-En-dessous | Non noté |
CATEGORIES D'EMETTEURS | Souverains | 0% | 20% | 50% | 100% | 100% | 150% | 100% |
| Autres entités Publiques | 20% | 50% | 100% | 100% | 100% | 150% | 100% |
| Banques | 20% | 50% | 100% | 100% | 100% | 150% | 100% |
| Entreprises | 20% | 50% | 100% | 100% | 150% | 150% | 100% |
| Titrisation | 20% | 50% | 100% | Déduction des fonds propres de l'établissement bancaire |

Grèce : Décisions des instances internationales et impact sur le taux à 10 ans

Répartition des notations souverains par catégorie et par répartition géographique

Evolution du Résultat Opérationnel des 3 grandes agences

Nombre d'émetteurs corporate notés par Moody's par catégories de note

La crise de la dette expliquée aux nuls
De la crise des subprime à la crise grecque il n’y a qu’un pas. Un pas qui rend les Etats pessimistes sur notre avenir économique. Si l’on sait qu’il y a une crise de l’euro, une crise de la dette, une crise grecque, que sait-on des véritables causes de ces crises ? Comprendre les crises, c’est dépasser les polémiques, les petites phrases et les discours politiques pour cerner le lien qu’il existe entre la crise de 2008 et celle d’aujourd’hui. Décryptage. 

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La crise ! La crise se trouve partout. Nous la lisons dans les journaux du matin. Nous la regardons en prime time sur les grandes chaines nationales. Nous l’entendons à la radio entre deux chansons à succès. Plus, nous lui avons offert une place dans notre langage courant. Seulement, pour l’opinion publique, la crise n’est qu’une simple incarnation politico-économique des erreurs de nos dirigeants. En effet, peu pourraient en expliquer les tenants et les aboutissants.
La majorité des médias semblent s’évertuer à ne pas la rendre accessible, compréhensible par le plus grand nombre. Pour bien pouvoir appréhender le sujet, il faut commencer par opérer une distinction entre les crises. Si le terme de « crise » est générique et englobe toutes les variantes d’une économie défaillante. Il convient de comprendre qu’il n’existe pas une crise mais plusieurs et qu’elles sont interdépendantes. Une crise qui débute à l’autre bout du...

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