Back And Forward - Ratings agencies in trouble?

Back and Forward is a regular column that takes a slightly irreverent look at some of Japan’s biggest business stories.

Hirotoshi Hiramatsu, whose group of restaurants received five one star ratings, told the Nikkei, “Like Moody’s ratings for industry, these stars are a sign of excellence and directly influence the restaurant business.” It was also announced in November that an international organization of securities regulators will be reviewing the role of credit rating agencies in connection with global market woes caused by the US subprime mortgage crisis.

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