BIS paper slams rating agencies

The study, based on an analysis of Standard & Poor's credit ratings for banks, concludes that while a full sample of credit ratings shows that ratings change little over the course of a business cycle, and therefore agencies are fulfilling their promise to rate "through the cycle", this is misleading. "The fact that the larger sample of ratings contains few changes and shows insensitivity to business cycle conditions might reflect a lack of continuous monitoring by rating agencies,"

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