Financial Crisis Puts Rating Agencies Under Fire

As the global financial markets plummeted into what commentators are calling the worst crisis since the Great Depression, many pointed the finger of blame in the direction of credit rating agencies.

At the end of 2007, the Committee of European Securities Regulators published rating agencies' responses to a questionnaire that was part of its probe into their role in rating structured finance securities.

Though some agencies have implemented procedural changes to the way their ratings and rating me