When the world fell apart in mid-2007, it did not take long for press and public to point their fingers at the rating agencies and bay for blood. These firms have therefore spent the past two years frantically reassessing how they look at credit risk and protesting their innocence of any wrongdoing (‘A rating is just an opinion! Investors should do their own due diligence!’). Two years down the line these firms are now hoping that the new methodologies that they have so painstakingly constructed, together with the passage of time, might have gone some way towards restoring their credibility.
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