Credit Crunch


With enemies like these, who needs friends?

The rating agencies have been getting it in the neck for years, assailed from all sides of the market. And it’s got progressively worse for them since they took their eyes off the ball game and paid too much attention to the cheerleaders in the run-up to the Enron and WorldCom collapses.

Criticism of the rating agencies is rarely without justification. But sometimes it goes too far, and becomes unfair. Theirs’ is a thankless task, comparable to that of

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