An agreed code of practice (TT May04 p18-19)

During the past two years, credit rating agencies (CRAs) have been the subject of much criticism. They have come under fire for failing to warn investors of the collapse of industry giants such as Parmalat, Enron, WorldCom and other companies that later declared bankruptcy or financial restructuring. These events have led some to question whether the CRAs are meeting the needs of market participants.