As Enron spiralled toward bankruptcy last year, investors focused their anger on the company’s auditors and executives. But the rating agencies that failed to discover Enron’s perilous condition and downgrade its debt took their share of abuse. The failure of Moody’s Investors Service, Standard & Poor’s (S&P) and Fitch to discover the extent of Enron’s malaise rekindled the long-running debate over the value of agency ratings.
Roughly one month before Enron’s December 2 bankruptcy filing, St
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