Behind closed doors

The method used by rating agencies to determine rating actions has often been portrayed as a shadowy and secretive process. Nancy Stroker tries to shed some light on the matter

I recall a time when the Fitch rating committee reached rating decisions on two American manufacturers, located in the heartland, and started the process of communicating them to the respective companies and market. Our plans were disrupted when we discovered it was the first day of deer hunting season and many offices were either closed or sparsely filled. It was a new lesson for those of us in downtown New York City and I have a picture in my mind of treasurers in camouflage crouched behind