In defence of credit-rating agencies
The much-maligned institutions have performed well of late
Fifteen years ago, in August 2008, the world’s credit-rating agencies were in the midst of the worst period in their history. The global financial crisis was about to reach its zenith. It was already clear that the allegiances of rating agencies—beholden to both investors in and issuers of debt—had been stretched beyond a healthy limit. The survival of their business model looked uncertain.
This article appeared in the Finance & economics section of the print edition under the headline “Upgraded ”
From the August 12th 2023 edition
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