Ratings Agencies Are the Darnedest Things
Harvard Business Review
AUGUST 11, 2011
In olden times, the bond raters at S&P and Moody's were financial advice providers, sort of like Morningstar is today. regulators followed suit — credit ratings are now mentioned almost 2,000 times in the Federal Register. Lots of overseas regulators and private investors have come to rely on the ratings as well.
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