They are all of that, true.
But they’re also a day late and a dollar short, so to speak. During the crisis in 2008, they were *so* far behind events that they became laughable in their pronouncements, so much so that people started to ask “What purpose do these clowns serve at all any more?”
So now when the bond markets start making radical moves, the three big ratings agencies have to catch up to maintain their credibility with anyone who has a room temperature IQ.
They have no credibility in my book. let the buyer beware.
Moody’s gives the current busted Ponzi scheme a triple A? That alone tells me to steer clear of anything they do.