The great rating debate

A conference in Paris exposed some criticism of the way the rating agencies function. Issuers and investors feel the industry suffers from a lack of competition which has harmed service levels. Sarfraz Thind reports


Credit rating agencies are in the sober business of assigning judgments of creditworthiness to institutions that issue debt. Theirs is hardly a world one expects to attract ugly accusations that they operate as an 'oligopoly' or that their marketing methods are 'pernicious'.

Yet that's exactly what happened at a conference to discuss competitive issues surrounding the rating agencies held in Paris in February.

Hosted by the Bond Market Association (BMA) at the Hotel Royal Monceau, the conference

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