Second, the agencies argue that unsolicited ratings are the only way for new ratings competitors to get a foothold.

ECONOMIST: Credit-rating agencies

Rating agencies defend unsolicited ratings in two ways.

ECONOMIST: Credit-rating agencies

Moody's says it discontinued unsolicited ratings five years ago owing to widespread misunderstanding of the practice, though it continues to analyse a small number of companies (it will not say exactly how many) whose initial unsolicited ratings pre-date 2000.

ECONOMIST: Credit-rating agencies

Unsolicited by the companies being assessed, these ratings appear to be forcing many managers to behave better.

ECONOMIST: China's financial markets