Unlocking the rating process

The level of transparency in the methodologies of credit rating agencies has been the subject of intense scrutiny and criticism in recent years, especially in the wake of several high-profile bankruptcies. Enron, WorldCom and Parmalat became the battle cries for critics of the ratings industry who questioned the accuracy and timeliness of the credit rating process and demanded greater transparency. In response, the agencies have announced a number of initiatives designed to update the rating