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...