Moody’s Slashes Ireland’s Credit Rating an Eye-Popping FIVE Levels
First, why did Moody’s wait so long to downgrade? They should have been bringing the credit rating down one notch at a time as the crisis unfolded.
This is another reason why credit ratings agencies including Fitch and Standard & Poor’s (NYSE:MHP) have lost a tremendous amount of efficacy. (See “Rated XXX: Are Rating Agencies Downgrades Legit or Controversial?“)