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January 2021

Are rating agencies overlooking the impact of COVID-19 on Eastern Europe and Central Asia?

Rating agencies’ drawbacks come to light again

In times of crisis, markets understandably pay particular attention to the actions of credit rating agencies. For example, during the global financial crisis of 2008-09, the rating agencies were widely accused of failing to identify the widespread vulnerabilities in the financial system, reacting with “behind-the-curve” blanket downgrades. The …

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