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Who rates the raters?

机译:谁给评分者评分?

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Starting in 1909, a dense book from John Moody would thud on to subscribers' desks in America, following days or even weeks in the post. The annual railroad-bond ratings were out. America's fledgling debt markets moved accordingly. Moody's business still thrives almost a century later. Credit ratings-assessments of the likelihood that an issuer will default on the interest or principal due on its bonds-now shoot through the market at internet speed and cover bond issues of all kinds. Whether a company has the highest possible AAA rating or a BBB- plays an important part in determining the rate at which it can borrow. In America only a bold or foolish company, municipality, state or even school district would try to issue debt without first getting a rating from Moody's, Standard & Poor's (S&P), its chief rival, or Fitch, a French-owned upstart that has become the world's third-biggest rating agency (see chart on next page).
机译:从1909年开始,约翰·穆迪(John Moody)所写的一本厚实的书,在刊登后的几天甚至几周后,便传遍了美国的订户办公桌。年度铁路债券评级已经公布。美国刚刚起步的债务市场也相应地发生了变化。差不多一个世纪后,穆迪的生意仍蒸蒸日上。信用评级-评估发行人将不履行其债券到期的利息或本金的可能性-现在以互联网速度在整个市场范围内进行评估,并涵盖各种债券发行。公司在确定可借贷利率时,是否具有最高的AAA评级或BBB-至关重要。在美国,只有大胆或愚蠢的公司,市政,州甚至学区才会尝试发行债务,而无需先获得穆迪,标准普尔(S&P),其主要竞争对手或法国新贵Fitch的评级。成为世界第三大评级机构(请参见下页图表)。

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