I have always considered the alphabet soup of rating agencies as useful in determining the credit risk as a balance would be to find out the sweetness of a cookie bar.
As rating agencies have now come out in fear of litigation suits with the statement that their ratings are just an opinion and not a guideline, I think we can do away with opaque rating processes.
The Eurozone and the USA both deserve a
CCC
rating:
· Corruption
· Crisis
· Chaos
Anybody disagree?
