US regulators struggle with ratings alternative


Stefan Walter

US legislators have made their thoughts on credit ratings very clear: an overreliance by investors on ratings was one of the reasons behind the crisis, and they are determined to ensure it doesn’t happen again. The Dodd-Frank Act, signed into law last July, made this a reality, requiring regulators to remove all references to credit ratings in financial rules. The problem is, what should they be replaced with? US supervisors have been kicking the issue around for the best part of a year – and

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