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Emerging Markets

Issuing without ratings: no longer a minority sport

The rating agencies had an embarrassing crisis. In the space of just a few years, triple-A credits all around the world — from constant proportion debt obligations to Icelandic banks — had sunk into default. Their credibility has suffered a blow and the number of unrated corporate borrowers issuing bonds has risen. Is the world becoming ratings-free? Tessa Wilkie reports.

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