Just another tool in the box

Credit ratings

The foibles and faults - perceived or otherwise - of the rating agencies have been a source of much debate in recent months. From the appearance of the heads of the main three agencies before US Congress to widespread negative publicity about the credit ratings process in mainstream publications such as the NY Times Sunday Magazine, it has been a popular pastime to trash the rating agencies, particularly Moody's and Standard & Poor's. The main thrust of the accusation against the agencies is

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