: In the early 1970s, the business model flipped from "investor-pays" to "issuer-pays".
: Agencies held "investment-grade" ratings on Enron just five days before it declared bankruptcy.
: John Moody publishes the first publicly available bond ratings for railroads.
Despite the controversies, the Big Three still control roughly of the global market.
Rating agencies in the face of regulation - ScienceDirect.com
This created a permanent seat at the table for the : S&P Global Ratings (0.5.36), Moody’s Investors Service , and Fitch Ratings . 💥 The "Colossal Failure" (2000s)
Lawmakers called it a "colossal failure" of due diligence and warned of "huge conflicts of interest" inherent in the issuer-pays model. 🌐 The Modern Gatekeepers (Present Day)