The rating agencies are anything but the holy cows of the capital market.
You failed in the business of valuing securitized loans during the financial crisis.
But other addresses in the financial market also have this, above all the big banks.
Nevertheless, rating agencies with their credit ratings make a decisive contribution to opinion-forming.
This has also been the case in Russia, where S&P, Moody's and Fitch were the first to point out the impending default due to the sanctions.
They are no longer allowed to do so because the EU Commission has prohibited the rating agencies from doing business with Russian issuers.
That may be logical given the far-reaching sanctions imposed on the Ukraine attack.
However, the question arises as to whether it increases transparency if the debts and solvency of a country and its companies can no longer be analyzed and evaluated.
In any case, it is more transparent for the market if payment problems of Russian debtors are pointed out in good time than if those affected have to practice reading coffee grounds.
The rating may be an important tool for access to western capital markets.
However, this also requires a good rating from the rating agencies.
Poor credit ratings, like those in Russia now, are a major obstacle when new investors have to be found.