I’m reading on structured finance and credit rating agencies. Here’s a great moment from Moody’s, a rating agency.
Moody’s has no obligation to perform, and does not perform, due diligence with respect to the accuracy of information it receives or obtains in connection with the rating process. Moody’s does not independently verify any such information. Nor does Moody’s audit or otherwise undertake to determine that such information is complete. Thus, in assigning a Credit Rating, Moody’s is in no way providing a guarantee or any kind of assurance with regard to the accuracy, timeliness, or completeness of factual information reflected, or contained, in the Credit Rating or any related Moody’s publication. (Moody’s Investor Service, Code of Professional Conduct 6)
One might reasonably ask, then, “what DO you do?”