Motion Picture Association of America film rating system
To put things lightly, the major rating agencies have taken it on the chin throughout the current credit crisis; speak to investors, and you’ll find the agencies held in rare quarters, right next to used car salesman and mothers-in-law. It’s not easy, usually, to engender that sort of disdain. Which makes the revelations in a published report Monday evening at the Financial Times more than a bombshell — if true, these are the sort of things that aren’t just bad. They’re ugly.