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Credit Rating Agencies Aren't Above Scrutiny, Either
The opinions of the major ratings agencies like S&P carry a lot of weight in the financial markets. Their own reputations, however, were damaged during the financial crisis when they awarded AAA ratings to what turned out to be toxic, mortgage-backed securities. Guest host John Ydstie speaks with Nikola Swann, a credit analyst at Standard & Poor's, about some of the criticism the company's received in the wake of the decision to downgrade the U.S. credit rating.