Ratings agencies accept no blame for financial losses
Standard & Poor’s (S&P) head of financial services ratings has told the Treasury Select Committee (TSC) that people shouldn’t rely on their ratings when making financial decisions.
According to The Telegraph, representatives from Moody’s, S&P and Fitch Ratings were repeatedly pressed to apologise for their companies’ failure to spot the growing crisis in the US sub-prime mortgage market.
Frederic Drevon, MD at Moody’s Investor Services, said that, although the company was not satisfied with its ratings of financial products related to the US mortgage market, he would not apologise for losses incurred by investors.
Dominic Crawley, S&P’s head of financial services ratings
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