The reputations of the rating agencies mirrored the fate of the securitization market last year: As the credit conditions went south, so did their standing in the industry.

It was a strange year, to say the least, in which these agencies gave as much scrutiny as they took. There were massive downgrades throughout the summer, especially on July 12, which could be called the veritable Super Bowl of downgrades.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.