Criticism
See also: Credit rating agency#CriticismCredit rating agencies such as Fitch Ratings have been subject to criticism in the wake of large losses in the collateralized debt obligation (CDO) market that occurred despite being assigned top ratings by the CRAs. For instance, losses on $340.7 million worth of collateralized debt obligations (CDO) issued by Credit Suisse Group added up to about $125 million, despite being rated AAA by Fitch. However, differently from the other agencies, Fitch has been warning the market on the constant proportion debt obligations (CPDO) with an early and pre-crisis report highlighting the dangers of CPDO's.
Read more about this topic: Fitch Group
Famous quotes containing the word criticism:
“Like speaks to like only; labor to labor, philosophy to philosophy, criticism to criticism, poetry to poetry. Literature speaks how much still to the past, how little to the future, how much to the East, how little to the West.”
—Henry David Thoreau (1817–1862)
“The aim of all commentary on art now should be to make works of art—and, by analogy, our own experience—more, rather than less, real to us. The function of criticism should be to show how it is what it is, even that it is what it is, rather than to show what it means.”
—Susan Sontag (b. 1933)
“As far as criticism is concerned, we don’t resent that unless it is absolutely biased, as it is in most cases.”
—John Vorster (1915–1983)