Does rating shopping exist in spanish securitization issues?

[EN] Debt issue credit ratings can lead to conflicts of interest as the issuer itself is entrusted with contracting and compensating the rating agency. Into the bargain, the credit rating agency may be involved in designing the issues that the same agency subsequently rates. Credit rating agencies thus could have incentives to rate issues advantageously. Given the economic importance of this issue, in this paper we have proposed to analyze this phenomenon, known as rating shopping in academic literature, for Spanish market securitization issues for the period of time comprehensive from January 1993 to December 2011. In sum 3,665 published ratings are been analysed, for an issued nominal amount of 791,090 million Euros. The results show an association between the credit rating agency contracted and the mean rating awarded. Significant differences are observed in the ratings associated to the contracting manager (or special purpose vehicle SPV- manager firm), to the number of ratings or to the type of collateral. Furthermore, a pattern compatible with rating shopping was observed for some types of collateral: abnormally high market shares associated with certain agencies awarding unusually generous ratings. However, this phenomenon is not seen to be widespread on the rating market associated to Spanish securitization issues.

In Vitro Degradation of Poly(caprolactone)/nHA Composites

The degradation behavior and mechanical properties of polycaprolactone/nanohydroxyapatite composite scaffolds are studied in phosphate buffered solution (PBS), at 37 degrees C, over 16 weeks. Under scanning electron microscopy (SEM), it was observed that the longer the porous scaffolds remained in the PBS, the more significant the thickening of the pore walls of the scaffold morphology was. A decrease in the compressive properties, such as the modulus and the strength of the PCL/nHA composite scaffolds, was observed as the degradation experiment progressed. Samples with high nHA concentrations degraded more significantly in comparison to those with a lower content. Pure PCL retained its mechanical properties comparatively well in the study over the period of degradation. After the twelfth week, the results obtained by GPC analysis indicated a significant reduction in their molecular weight. The addition of nHA particles to the scaffolds accelerated the weight loss of the composites and increased their capacity to absorb water during the initial degradation process. The addition of these particles also affected the degradation behavior of the composite scaffolds, although they were not effective at compensating the decrease in pH prompted by the degradation products of the PCL.