Credit-rating-agencies

: Their ratings (like AAA or BBB-) determine how much a country like Greece or a company like Apple pays to borrow money.

: Firms like Poor’s (1916), Standard Statistics (1922), and Fitch (1924) follow suit, selling thick manuals directly to investors—a "user-pays" model. ⚖️ From Optional to Essential (1930s–1970s) credit-rating-agencies

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