Cantor, Richard, "An Introduction to Recent Research on Credit Ratings", Journal of Banking & Finance, Vol. 28, No. 11, (November 2004), pp. 2565-2573.
Abstract: Credit risk has been one of the most active areas of recent financial research, driven by advances in portfolio risk measurement and management techniques, growth in credit derivatives trading, the anticipated adoption of the revised Basel Capital Accord, and regulatory concerns emanating from the US corporate credit meltdown in 2001 and 2002. Within this broader literature, a growing body of research analyzes the meaning, role, and influence of credit ratings. The papers collected in this Issue summarize much of the literature on this topic, answer important research questions, and suggest interesting avenues for new research.