A friend of mine was once asked about his thoughts on the ratings agencies following the global financial crisis. He responded that he would rate them somewhere between “standard” and “poor”. After Standard & Poor’s downgraded South Africa’s tough currency rating to “junk and Fitch downgraded both the tough currency and rand denominated debt to junk, there contain been quite a few comments saying that ratings agencies should be ignored. There’s a way to execute that – but it’s easier said than done.
Source: dailymaverick.co.za