There appears to be a full-fledged assault on credit rating agencies taking place in the courts of the US, in the US Congress and in the European Union. While most of the wrath is directed at credit rating agencies, admonitions have been given to investors whom regulators and others believe either willingly or unwillingly blindly accepted ratings at face value.
One such admonition was in fact embedded in the body of new rating agency regulation from the European Union. The European Union has warned that “users of credit ratings should not rely blindly on credit ratings but should take utm…
