Enterprising Investor
Practical analysis for investment professionals

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The Downgrade Is Done. The Investor Response Is Just Beginning

The US downgrade won’t upend markets—but it may reshape sovereign risk models and investor assumptions. Here’s what to watch next.

The Fitch Downgrade: The Principal–Agent Problem in Modern Finance

Fitch Ratings' US credit downgrade highlights a latent principal–agent problem in modern financial markets: Investors have outsourced much of their risk management to the rating agencies.

More Than Just Oil: Saudi Arabia’s Improved Credit Rating

Contrary to the popular narrative, oil isn't all that matters to the Saudi economy.

ESG Ratings: Navigating Through the Haze

How severe is the lack of correlation among ESG ratings?

Over-Rated: Do Fund Asset Classifications Tell the Whole Liquidity Story?

Investors and advisers need to broaden and deepen their levels of analysis to get a better handle on liquidity risks. They may be drawn to the apparent certainty of putting funds into a small number of boxes, buckets, or categories, but this may prove to be a false comfort.