Panel 2:   Rating Agencies – What Happened?

Investors rely on credit ratings to be a forward-looking reflection of risk. Did those ratings fulfill investor expectations? Looking back, in what ways could the rating agencies have fulfilled those expectations better? Have rating agencies changed their approach in response to the economic crisis, in particular, when rating structured securities? If so, in what way? Should there be other changes? Should ratings be comparable, signifying an equal probability of loss across corporate, structured and municipal securities?

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David Teicher
                Managing Director
                Moody’s

Grace Osborne
                Managing Director, North American Head of Insurance Ratings
                Standard & Poor’s

Keith Buckley
                Group Managing Director, Head of Insurance Group
John Olert
                Group Managing Director, Head of ABS and Structured Credit Group
                Fitch Ratings

Mary Keogh
                Managing Director
                DBRS Limited

Josh Rosner
                Managing Director
                Graham Fisher & Co.

Jerome Fons
                Principal
                Fons Risk Solutions

David P. Marks
                Executive Vice President and Chief Investment Officer
                CUNA Mutual Group