A Study On The Behavior Of America's Credit Rating Agency In The Financial Crisis

In the financial crisis, the promoting function of America credit rating agency has been criticized, this function mainly reflects in the fictional rating, adjust backward, rapid downgrading, which has far away from the function of CRAS. Based on the behavior analysis of rating agencies (mainly conflicts of interest, responsibility loss, government agencies'supporting, etc), this paper stress studies the behavior decision-making of rating agencies, using the method of model analysis and verifies the U.S. credit rating agencies'benefit drive which produce afore-mentioned behavior (especially fictional rating). Then, for the future reform of American ratings, our suggestion is based on the method'opening, public rating agencies'building and the self-discipline of CRAS, etc.In the economic globalization background, the men who master international credit rating have financial pricing. In China, credit ratings is in initial development stage, based on the summary and reference from other country's experience, we should take some measures, for example, Cultivate our national rating brands and strengthen the ratings'supervision and data accumulation, speed up the construction of the system of credit rating agencies, technical innovation and market restraint mechanism, improve the reputation and transparency of the credit rating agencies, perfect the tracking rating system,regulatory approval rating system and avoid interest conflicts , etc.