Rating agencies on manoeuvres

The beginning of the year has seen both Moody’s and
Standard & Poor’s attempting to execute the complex manoeuvre of pulling off a series of about-turns with dignity.

In early January Moody’s announced that it was reviewing its rating process, in response to criticism that it is too slow to react to market events – Enron being cited as the most high-profile example. When Moody’s proposed the review, Credit asked S&P whether it had similar intentions. A company spokesperson said: “We are always