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In the wake of the financial crisis, the Financial Crisis Inquiry Report [6] called out the "failures" of the Big Three rating agencies as "essential cogs in the wheel of financial destruction". According to the Financial Crisis Inquiry Commission, [7] The three credit rating agencies were key enablers of the financial meltdown.
source: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, p.229, figure 11.4 Credit rating agencies came under scrutiny following the mortgage crisis for giving investment-grade, "money safe" ratings to securitized mortgages (in the form of securities known as mortgage-backed securities (MBS) and collateralized debt obligations ...
Credit rating is a highly concentrated industry, with the "Big Three" credit rating agencies controlling approximately 95% of the ratings business. [3] Moody's Investors Service and Standard & Poor's (S&P) together control 80% of the global market, and Fitch Ratings controls a further 15%.
Similarly, the S&P downgraded the US credit rating in 2011 following a debt limit standoff that year. The third rating agency, Moody’s, last rated US Treasuries at AAA with a stable outlook.
Fitch downgraded its credit rating for the U.S. government, from AAA to AA+, two months after the debt-ceiling crisis was resolved. “In Fitch’s view, there has been a steady deterioration in ...
As I was researching an article on the recent bank credit rating downgrade, I began to wonder about how agencies such as Moody's (NYS: MCO) , Standard & Poor's, and Fitch treated banks right ...
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