It’s Time To Reimagine Credit Ratings… Here’s How To Do ItKnowledge Wharton
Markets operate on trust. More than 150 years ago, as the American frontier pushed westward, merchants found themselves doing business with far-flung firms with which they did not have direct relationships. Credit rating agencies were born in response to this need. They provided impartial, independent assessments of reliability; those who extended credit to highly rated firms could be assured their loans would be repaid. As the industry evolved, it came to be dominated by giants such as Moody’s, Standard & Poor’s and Fitch. Over the decades, though rating services became global and highly complex, the basic . . .
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