Looking at raw scores gives you a better indication of what a rater thinks about you.
One early customer for time-sharing is Mobil Travel Guide, the restaurant-and-hotel rater partly owned by ExxonMobil.
Letter-rater Mark Hulbert pegs the Dines Letter's return for 1980-97 at 1.7% a year.
Government regulation created a situation where the rated can shop for a rating from the rater.
Together, the rater and banker would decide what combination of loans garnered what rating.
The dominant model, in which the bond issuer pays the rater directly, encouraged cosiness between the two.
It gets honor grades in both bull and bear markets from Forbes, and five stars from fund rater Morningstar.
Last week Morningstar, the biggest rater of mutual funds, announced that subscribers could now track 1, 600 hedge funds on its website.
Bond rater Moody's lost 3.8% on Thursday after Berkshire Hathaway Chairman Warren Buffett cut his stake in the firm, which got burned giving high ratings to junky mortgage bonds.
Instead, buyers would either have to make a more direct examination of the securities before purchasing them or make sure the rater they use is truly up to the task.
Would KBRA effectively become the rater of last resort?
FORBES: Kroll Gets Into Bond Gumshoe Biz, Faces Sticky Issues
They state that there are limitations to this data in that the study did not define how these levels were determined or how inter-rater agreement was determined, besides the fact that these tasks are indirect academic measures.
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