Just because rating agencies have been the target of sustained criticism for months doesn’t mean that there is any compelling reason to stop. Moody’s has been widely ridiculed for publishing a report entitled “SIVs: an oasis of calm in the sub-prime maelstrom” on July 20, but nearly a full month later (on August 16), Standard & Poor’s was reassuring the market that “SIVs are weathering current market disruptions”. Little more than two weeks later all the agencies were announcing negative rating watches and downgrades to SIV structures like there was no tomorrow.
Thanks for your interest in Euromoney!
To unlock this article:
