Credit-rating-agencies

: Firms like Poor’s (1916), Standard Statistics (1922), and Fitch (1924) follow suit, selling thick manuals directly to investors—a "user-pays" model. ⚖️ From Optional to Essential (1930s–1970s)

The story begins with the American railroad boom. Investors were pouring money into tracks they had never seen, and information was scarce. credit-rating-agencies

Instead of charging investors for manuals, agencies began charging the companies and governments being rated. : Firms like Poor’s (1916), Standard Statistics (1922),

: The agencies were criticized for failing to recognize risks in the housing market, leading to massive downgrades and a global economic meltdown. Instead of charging investors for manuals, agencies began

: Their ratings (like AAA or BBB-) determine how much a country like Greece or a company like Apple pays to borrow money.

Rating agencies in the face of regulation - ScienceDirect.com

: Today, agencies are under pressure to include long-term risks like climate change and sustainable development goals into their models. junk status) affect a company's ability to borrow?