I understand why credit rating agencies would want to establish relationships with the issuers because they generate revenues through ratings, but why would credit rating agencies want to establish solid relationships with investment bankers?
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who do you think hires ratings agencies and runs the ratings process?
Don’t the issuers hire the rating agencies?
Guess again.
Our clients pay the bills, but at least my bank fills out all the paperwork for them.
I don’t think they really do try that hard to be honest. Only one that sort of try is Fitch, because they are a joke. Moody’s/S&P don’t really care - they just come and do training on their platform and methodology, and probably try to sell some additional subscriptions or more analytics, etc. Printers, datarooms and lawyers (especially lawyers) do invest in the relationship.
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