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SUMMARY:Rating the United Kingdom: The British government’s first sovere
 ign credit ratings - Dr David Gill\, University of Nottingham
DTSTART:20150209T170000Z
DTEND:20150209T183000Z
UID:TALK56451@talks.cam.ac.uk
CONTACT:Dr Duncan Needham
DESCRIPTION:Only 18 months after the UK government was bailed out by the I
 nternational Monetary Fund\, it managed to secure ‘triple-A’ status wh
 en Moody’s and Standard & Poor’s provided the country’s first sovere
 ign credit rating in 1978. In this paper\, David Gill details the successf
 ul efforts of senior officials at the Bank of England and the Treasury to 
 influence the ratings process.\n\nThe rating agencies’ decision to award
  ‘triple-A’ status reflected more than simply an objective analysis of
  the UK’s improving economic fortunes. The Bank and the Treasury employe
 d external advisers familiar with the process and controlled the flow of i
 nformation available to their assessors\, obscuring political weaknesses a
 nd stressing economic successes. The small and inexperienced credit rating
 s staff\, operating years before efforts by the agencies to ‘professiona
 lise’ their sovereign debt teams\, only complemented the efforts of the 
 civil service.
LOCATION:Darwin College (Seminar Room\, No. 1 Newnham Terrace - entrance v
 ia Porters Lodge on Silver St)
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