Standard and Poors credit ratings are the most important to markets. They are the intellectual leaders of the credit rating agency (CRA) sector and the most widely regarded. The other agencies tend to be followers.
Say what you like about the CRA’s. I sure have. Their recent past is abysmal. Nonetheless, their ratings remain the crucial hook upon which trillions of dollars of debt investment are made worldwide. It is a gross understatement to say that they still matter.
Within that context, we also have to acknowledge one simple fact. Standard and Poors work on Australia is, right now, making more sense than any other player in the market bar MacroBusiness. S&P has Australia’s politico-housing complex compeletly pegged.
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