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Rating agencies in the firing line
Barely has the dust started to settle on this summer's turmoil than market participants are looking for someone, or something, to blame for the contagion arising from the subprime crisis. And fingers are being pointed at the rating agencies. Matthew Attwood reports
While buy and sell side alike are hoping for a return to relative normality as we head into September, the rating agencies' problems could be only just beginning. Some market participants are repeating familiar criticisms about their commercial relationships with issuers, while - perhaps more worryingly for the agencies - investigations into their conduct by regulatory bodies are being mooted.
Investors bear ultimate responsibility for their decisions, but ratings form an essential part of the
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