Credit ratings are a universal phenomenon throughout the capital markets, relied upon by investors, issuers and regulators alike. They are vital in overcoming the information asymmetries of the capital markets. This book is a comprehensive explanation of what they are, how they function and why they are relevant, addressing a broad range of issues from the credit rating process and the performance of credit ratings, to the nature of competition in the credit rating industry and its regulation.
LANGOHR, P. and LANGOHR, P. (2009). The Rating Agencies and Their Credit Ratings. What They Are, How They Work, And Why They Are Relevant. John Wiley & Sons, Inc. 510 pages.