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IL&FS crisis highlights need to tighten regulation of credit rating firms

In the US, S&P and Moody's had to pay $1.37 billion and $864 million, respectively, as settlements with federal and state authorities in January 2017

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Il&fs Crisis  |  Il&fs  |  Credit Rating Agencies

Raghu Mohan & Sudipto Dey 

“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so” — Mark Twain (quoted in the Oscar-winning 2015 film The Big Short) It’s particularly true of credit rating agencies (CRA).

The blowout at Infrastructure Leasing and Financial Services (IL&FS) is the latest to hit the headlines — going to junk status from being triple-A rated in a matter of weeks. Back in 2017, Reliance Communications’ debt was downgraded to default status, two months after failing to service its ...

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First Published: Sun, March 24 2019. 22:03 IST
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