Credit-rating-agencies -

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

: Agencies held "investment-grade" ratings on Enron just five days before it declared bankruptcy.

The history of Credit Rating Agencies (CRAs) is a tale of how "opinions" evolved into the bedrock of global finance, transforming from simple guidebooks into powerful gatekeepers that can decide the fate of entire nations. 🚂 The Birth of the Industry (1900s–1920s) credit-rating-agencies

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

: U.S. regulators begin using these ratings to determine which bonds banks can safely hold. : Their ratings (like AAA or BBB-) determine

Rating agencies in the face of regulation - ScienceDirect.com

: John Moody publishes the first publicly available bond ratings for railroads. 🚂 The Birth of the Industry (1900s–1920s) The

: 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)