Winter 2014, Volume 1, Number 2

This issue, sponsored by Rosa Abrantes-Metz, takes a global look at the vexing question of an essential — but contentious — oligopoly, the credit rating agencies (“CRAs”). Credit Rating Agencies have become increasingly important in the last few years due to the increasing changes in the financial sector. CRAs were recently in the spotlight when certain securities, which were given high rating by CRAs, were downgraded to junk after the crisis, and when they downgraded Member States in Europe during the sovereign debt crisis. This has led several authorities to look more closely at CRAs and to introduce new regulations.