I already talked here about the potential bias on risk evaluation work done by the big agencies. I agree with Stiglitz - rating agencies shareholder structure, as well as monetization model might bias risk evaluation work. The present day oligopoly also doesn't play positively on this dimension. Probably, a greater degree of regulation and competition would benefit the risk rating market. Or... does anyone really thinks that Portuguese 3 months Governmental bonds are riskier than 10 years Brazilian ones?
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