In 2013, in Europe, it was better to be discreet when working for a rating agency, one of those companies responsible for assessing the ability of borrowers, companies and states, to repay their debt on time. Accused of having added fuel to the fire during the financial crisis of 2008 but also that of sovereign debt of 2012, because of the self-fulfilling nature of their predictions, the agencies were attacked from all sides. The European Commission sought to break the oligopoly of the three US behemoths: Standard & Poor's, Moody's and Fitch and new rules made them liable in case of incorrect ratings causing damage to an investor.
At the time, despite their justifications, institutions struggled to recover from the discredit of awarding excellent "AAA" ratings to risky securitized mortgages. "Agencies have been accused of trying to increase their profits and market share...
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