Bewertet die Ratingagenturen

CAMBRIDGE – In der neuen Finanzordnung, die von Regulierungsbehörden auf der ganzen Welt momentan auf den Weg gebracht wird, sollte die Reform der Ratingagenturen ein zentrales Element sein. Die Ratingagenturen spielen auf modernen Kapitalmärkten eine Schlüsselrolle, versagten aber in den Jahren vor der Finanzkrise vollkommen. Es bedarf daher eines wirksamen Mechanismus zur Bewertung dieser Bewertungsunternehmen.

Es ist weithin bekannt, dass Ratingagenturen die Investoren im Regen stehen ließen. Viele von Standard & Poor, Moody’s und Fitch in den Jahren des Booms als sicher bewertete Finanzprodukte im Zusammenhang mit Immobilienkrediten erwiesen sich als tödliche Gefahr. Und das Problem ist nicht auf derartige Finanzprodukte beschränkt: Da sich die Emittenten anderer Schuldtitel die Ratingagenturen, von denen sie bewertet werden, aussuchen und bezahlen, haben diese Agenturen noch immer einen starken Anreiz, sich durch die Ausstellung von guten Bewertungen erkenntlich zu zeigen.

Was sollte nun getan werden? Ein dazu vorgebrachter Ansatz sieht vor, die Bedeutung der Bewertungen zu begrenzen. Vielfach rührt nämlich die Bedeutung der Bewertung von gesetzlichen Bestimmungen her, die institutionelle Investoren und Investmentvehikel verpflichten oder ermuntern, in ihren Portefeuilles Anlagen zu halten, die von anerkannten Agenturen eine hinreichend gute Bewertung erhielten.

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