It's well known that debt rating agencies like Moody's Investors Service and Standard & Poor's underestimated the trouble brewing in subprime mortgages, awarding top marks to securities now creeping close to default. But now Moody's has released a report conceding that rating agencies weren't up to the task Any expec- tation it could fully uncover risk in the maze of complex financial instruments was, it says, "somewhat unrealistic".
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