US takes lead in ending credit rating agency ‘hard-wiring’, says FSB
The US has made the greatest strides in trying to address perceived over-reliance of the financial system on the accuracy of credit ratings by the likes of Moody's Investors Service, Standard and Poor's and Fitch Ratings, according to an interim progress report released on August 29 by the Financial Stability Board (FSB).
The inability of credit rating agencies prior to 2007 to accurately assess the risk of credit instruments – notably asset-backed securities – was seen as one of the major
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