Reaction: Moody's has ignored the market

Author: | Published: 29 May 2008

The buy-side didn't want it. The sell-side didn't want it. And the legal community wasn't keen. But ignoring opposition to ratings reform, Moody's has introduced new measures to ward off the threat of external regulation. "I'm very surprised that Moody's has done this, as it initially indicated that it wasn't going to change anything," said Charles Roberts, structured finance partner at Cadwalader Wickersham & Taft. "Its reforms suggest that structured and corporate ratings are different and that's not something that the market wants to hear. It would have been nice if Moody's had been a bit more responsive to market...