This paper delves into the correlation between multiple credit ratings and the financing costs associated with asset securitisation, utilising data spanning from 2012 to 2022 pertaining to credit, corporate asset-backed securities, and asset-backed notes. The research reveals that incorporating multiple credit ratings, as opposed to relying solely on a single rating, favourably impacts the accessibility of more favourable financing costs. Furthermore, the employment of both the "issuer pays" and "investor pays" rating models, as compared to utilising just the "issuer pays" model, proves to be more effective in mitigating the financing costs of asset securitisation products.

中文翻译：

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多重信用评级对降低资产证券化融资成本影响的实证分析


本文利用 2012 年至 2022 年与信贷、公司资产支持证券和资产支持票据相关的数据，深入探讨了多种信用评级与资产证券化相关的融资成本之间的相关性。研究表明，与仅依赖单一评级相比，纳入多个信用评级会有利地影响获得更有利的融资成本。此外，与仅使用“发行人支付”模型相比，同时使用“发行人支付”和“投资者支付”评级模型，被证明在降低资产证券化产品的融资成本方面更有效。