The reform of credit rating agencies is sure to occupy a central place in the regulatory and legislative agendas of 2010. While the full extent of these changes remains to be seen, they will likely represent a turning point in the history of this troubled part of the financial services sector.
Few dispute that some kind of reform of the credit rating industry is long overdue. In the wake of the financial crisis of 2007 and 2008, a broad consensus has developed that credit rating agencies failed in their critical function of assessing the creditworthiness of companies and financial instruments.
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