An Assessment of the Credit Rating Agencies: Background, Analysis, and Policy
68 Pages Posted: 12 Jul 2018
Date Written: 09/10/2013
The major credit rating agencies (CRAs)?Moody's, Standard & Poor's (S&P), and Fitch?continue to attract considerable media and public-policy attention; most recently S&P was the target of a lawsuit by the US government. This essay will provide an overview and assessment of the CRAs: what they are; what they do; why they have been so central to the bond markets; their role in the financial crisis of 2008?2009; and the appropriate public-policy measures for them going forward.
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