Cum au ajuns Fitch, Moody’s și S&P să dea „note” statelor. Povestea celor trei agenții

Fitch, Moody's, and S&P evolved from providing financial information to assessing credit risk for governments and corporations, influencing borrowing costs globally. Their origins trace back to the 19th century, addressing investors' needs for reliable data on distant companies. Over time, they shifted from a 'subscriber pays' model to 'issuer pays', raising concerns about conflicts of interest. Their ratings have become integral to financial regulations, impacting investment decisions and market perceptions. For Romania, maintaining a low investment grade rating from these agencies is crucial, as it affects the country's borrowing costs.