Since the start of the global financial crisis in 2008,
rating agencies have attracted substantial attention and been at
the forefront of a public debate. Indeed, many people believe these
agencies wield disproportionate influence. Can a credit rating
agency be sued in Belgium? From a legal standpoint, there would
appear to be no impediment to taking legal action against one but,
in reality, we are still a long way off from holding rating
agencies accountable for their actions.
Introduction
For many years, credit rating agencies remained in the shadows,
rarely making their presence felt outside the financial markets.
Behind the scenes, however, these agencies have always played an
important role. Indeed, their ratings determine whether
institutional investors can buy certain bonds and can trigger early
repayment clauses in loan agreements. The recent financial crisis
has brought credit rating agencies into the spotlight and changed
the way the world views them.
