Credit ratings: the legal perspective


Jonathan Walsh is a partner at law firm Baker & McKenzie in London, where he heads up the company’s structured capital markets team and is co-head of its global securitisation practice group. Credit asked him about the changes to legal liability for rating agencies and the regulatory differences emerging between the US, where rating agencies traditionally plead the First Amendment to avoid legal liability, and Europe.

Rating agencies now have to give their permission for ratings to be included i