In North Africa, central banks independence from political powers is a matter of debate. It faces many obstacles and also raises countless criticisms from those who fear that countries will abandon their national sovereignty.
Credit Agencies: The arrogance of failure
First of all, the failure of the rating agencies before the subprime crisis is complete and total. That’s an undeniable fact and the huge effort that those agencies are making to restore their credibility will not, in any way, change that fact. And you should not listen to anyone who is telling you otherwise even if that person is Patrick Raleig.
Response from Standard & Poor’s to an article criticizing our methods
I am writing to set the record straight about an article you recently published about Standard & Poor’s sovereign ratings methodology, and particularly its application to Tunisia, entitled “Standard & Poor’s cuts Tunisia’s rating: limited methodology or bad intentions?”. The article contains numerous factual errors and repeats false allegations against us, several of which I list below.
Standard & Poor’s cuts Tunisia rating: limited methodology or bad intentions?
To assess the relevance of S&P grading, it is critical to understand the limitations of their methodology. In fact, S&P sovereign rating approach consists of analyzing in a forward-looking manner a range of qualitative and quantitative factors to assess the political, economic, external, fiscal and monetary aspects of sovereign creditworthiness.