*** BRAZIL CREDIT RATING CUT BY S&P - 2015 ***
Do you all remember the financial crisis of 2007-2010? So, the three major credit rating agencies (Standard & Poor's - S&P, Moody's, and Fitch) FAILURED to correctly price risk of the financial institutions in Europe (mainly UK) and USA!!! And they rated many institutions with wrong (fake?) ratings...
How can one trust them now if the crisis can still be visible in Europe??? They did not fulfil their function to correctly credit rate financial institutions in U.S. and Europe.
One must REMEMBER that these 3 agencies have given favorable pre-crisis ratings of insolvent institutions (like Lehman Brothers), and some mortgage-related securities that helped the collapse of the U.S. housing market.
Many banks and institutions were bankrupted in the U.S., UK and the rest of Europe and these 3 agencies have given them favorable pre-crisis ratings!!!
CAN WE TRUST THESE AGENCIES??? AGAIN??? The answer is NO, WE CAN NOT TRUST THEM!!!
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