The New Masters of Capital
American Bond Rating Agencies and the Politics of Creditworthiness
Summary:
The book examines the influential role of credit rating agencies like Moody's and Standard & Poor's in shaping the global financial system, highlighting their power to determine creditworthiness and influence the flow of capital. It explores the political and economic implications of their judgments and how they affect national economies, public policy, and global markets.
Key points:
1. CRAs' Influence: Sinclair notes that agencies like Moody's, S&P, and Fitch have a major impact on finance by determining creditworthiness, which affects borrowing costs and investment decisions for countries and companies.
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