Background Note | HBS Case Collection | September 2008 (Revised September 2011)

Note: Credit Rating Agencies

by William E. Fruhan


The note examines the role of credit rating agencies in capital markets, with emphasis on the role of these agencies in the recent credit crisis and recommendations for change.

Keywords: Financial Crisis; Capital Markets; Credit; Governing Rules, Regulations, and Reforms; Standards;


Fruhan, William E. "Note: Credit Rating Agencies." Harvard Business School Background Note 209-056, September 2008. (Revised September 2011.)