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For several decades regulators and politicians alike have been relying on credit ratings to serve public policy objectives. The dilemma of reconciling the dual roles of private-sector opinion provider and public-policy regulatory tool is increasingly acute, complex and has become a circle that possibly cannot be squared. A solution is to limit regulatory reliance on ratings and increase both the number and variety of independent opinions in the market…

http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_140771

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