Second, and more important, ratings are by their nature backward-looking. They fall only after the problems of a borrower are obvious and demonstrable. So they should catch markets by surprise only if investors haven’t been doing their homework.
Who pays the rating agencies ?
While getting my feet wet day trading, a month or so prior to the prick, I used MANY different rating agencies.
EVERY SINGLE FUCKING ONE OF THEM WAS BULLISH ALL THE WAY DOWN !