Q: How many rating agencies do you think the market needs?
BC: How many rating agencies do you think there are?
Q: Well there are four that have both the Ecai rating in Europe and the NRSRO rating in the US. But I presume there are more that don't have those authorisations?
BC: Most people don't know that. There are hundreds of rating agencies throughout the world. People focus on the NRSROs as designated by the US, but there are niche rating agencies all over the world that usually focus on do