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This article examines how credit rating agencies (CRAs) react to rating decisions on mortgage-backed securities by rival agencies in the aftermath of the subprime crisis. While Fitch is on average the first mover, Moody’s and S&P perform more timely downgrades given a downgrade or a more severe evaluation by a CRA other than Fitch, and they also influence Fitch more than they are influenced by it. Rating convergence is more likely when Fitch rather than the rival has to adjust its evaluation downwards. Our results support theoretical predictions on the role of reputation in explaining herding behavior among CRAs.

Herding Behavior and Rating Convergence among Credit Rating Agencies: Evidence from the Subprime Crisis*