신용평가의 법적 정의 － 신용정보의 이용 및 보호에 관한 법률상 신용평가업자의 평가대상을 중심으로 －

Abstract

Recently, stock and financial markets around the world are shaking, because of the Sub-prime mortgage loan problem in U.S.A. Some reports say, the substantial reason of this problem is that credit rating firms gave the investment grade to the Sub-prime mortgage bonds. Like above stated problem, the result of ratings caused unexpected events about economy and stock markets. When we consider this problem, credit rating firms’ role and their decision are very important in the nation’s economy. Another more important reason of rating results is because companies which want to issue bonds must get investment grade. And it is used for regulatory purpose by a lot of acts, other financial regulators including FSS(Financial Supervisor Service). Owing to the importance of credit ratings, rating firms should strictly comply with the Use and Protection of Credit Information Act (hereinafter “the Act”) also rating Agency is supervised by the Act more than any other agencies (e.g. Credit Information Data Processing Agency, Debt Collector and Credit Information Agencies). The Act says that the aim of ratings is the protection of investor, but I think that the supervision on the result of ratings can not reach to the bar. The reason why I think that, the Act defines the ratings regime narrowly. Namely, the required range of ratings in markets is not harmonized with that of the Act. In the point of changing into the Capital Market and Financial Investment Services Act which is effected the range of ratings and a new Reform Act bill about the Act, my suggestions in this paper is that we should know the legal meaning of ratings more precisely, so that we can realize the aim of the Act protecting investors.