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Article: 'Rating agencies need to revamp to usher more transparency'.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- June 10, 2009
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'Rating agencies need to revamp to usher more transparency'
Mumbai, June 10 (PTI) -- Credit rating agencies need to revamp their procedures to assure quality and transparency of the rating process to prevent recurrence of financial crisis, RBI Deputy Governor Rakesh Mohan said.
"The widespread reliance of market participants on credit ratings of market instruments led to inadequate risk analysis by themselves," Mohan said in his paper titled 'Emerging Contours of Financial Regulation: Challenges and Dynamics' at the Financial Stability Review of Bank of France.
Credit rating agencies (CRAs) will have to be subject to a regulatory oversight ...