"The credit ratings awarded by the credit rating agencies enable participants in financial markets to make the most optimal choice in respect of where to invest free money assets. The agencies evaluate the risk of investing in securities offered by issuers by awarding them a specific credit rating, which influences the rate of interest, the value and the yield from the securities they offer. The credit rating agencies have had a crucial influence on events within the financial markets and it is considered that they have firstly caused and then fuelled the financial crash of 2008. Due to their influence on heating up the debt crisis in the Eurozone, the European Union has issued a regulation that limits and redefines their activities with the purpose of recovering trust in financial markets and increasing the protection for investors. In this article, the authors explain the background to this regulation and explore its aims which can be summarised in the context of improving transparency, independence and accountability. Indeed, accepting the latter is key to restoring credibility. "

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