Abstract
The present chapter discusses the characteristics of credit rating agencies and their credit ratings. In describing the role they both play on the global financial markets, it focuses in particular on the increasing importance that legal regulation has gained in the context of credit ratings, both due to the increase in regulation through credit ratings and the ongoing discussion about the regulation of credit rating agencies. The chapter inter alia addresses possible objects of credit ratings, the business models of credit rating agencies (including the conflicts of interest potentially resulting therefrom), the functions of credit ratings and credit rating agencies, the oligopolistic structure of the credit rating agency market, and the present legal regulation of credit rating agencies.
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