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008 031219s2003 th uu m rtt 00| a1eng d
035 _a.b11907393
099 9 _aAIT RSPR no.SM-03-16
100 1 _aChowdhury, Bitopi Das
245 1 0 _aChanges in bond credit ratings in Thailand :
_ba conceptual analysis
260 _aBangkok :
_bAsian Institute of Technology,
_c2003
300 _a68 p.
490 1 _aResearch studies project report ;
_vno. SM-03-16
500 _aA research study submitted in partial fulfillment of the requirements for the degree of Master of Business Administration, School of Management
520 _aThe Thai Credit Rating industry is 10 years old. There are two credit rating agencies in Thailand: Thai Rating and Information Services and Fitch Ratings Thailand Limited. TRIS was set up in 1993 with technical collaboration from Standard and Poor (S&P). Fitch Thailand is a subsidiary of Fitch IBCA Duff and Phelps and started operations in February 2001. A total of 134 companies and instruments have been rated in Thailand during 1998-2002. No institution or instrument was rated by both the agencies. There have been 29 instances of rating changes during the study period. 76% of the changes were upgrades; the degree of upgrade was also found to be higher than the degree of downgrade. The study shows that the rating changes are unbiased, caused by changes in the characteristics of the company or its environment. The ratings changes do not show any pattern of correction to previous systematic errors. An in-depth case study of Italian - Thai Development Plc reveals that a lag exists between actual perfo1mance changes of the company and changes in credit rating. On the other hand, the stock market reacts very quickly to changes in the company or its environment. This is in agreement with the concept of Credit Ratings being long - te1m indicators of a company's ability to meet debt obligations; as such the rating company will not reso1t to changing the credit ratings very frequently based on short-te1m market cues.
650 0 _aBonds
_xRatings
_zThailand
650 0 _aCredit ratings
_zThailand
700 1 _aVenkatesh, Sundar,
_eChairperson
700 1 _aJohri, Lalit M.,
_eExamination Committee
700 1 _aTang, John C.S.,
_eExamination Committee
700 1 _aNazrul Islam,
_eExaminaiton committee
710 2 _aNorwegian Agency for Development Cooperation (NORAD),
_eScholarship donor
810 2 _aAsian Institute of Technology.
_tResearch studies project report ;
_vno. SM-03-16
856 _3Full-Text
_u http://203.159.5.9/ait-thesis/detail.php?q=B08602
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