“An institution run by a bunch of bureaucrats who couldn’t run a corner candy store is not necessarily a bad credit risk,” ran one particularly good rebuff from a defensive Moody’s executive in late 1997. It was not a vintage year for the credit-rating agencies in Asia.
There is no question that a re-rating of Asian credits was in order. But both Moody’s Investors Service and Standard & Poor’s (S&P) are open to criticism over the way events overtook them.
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