Whether you believe the rating agencies have any skill or not, whether you believe they should be protected by free speech laws or not, don’t you think there should be a set time every day when the NRSRO’s release their rating changes?
Virtually all other potentially market moving data has a set time. Why can’t 11 am be the time that rating agencies release their list of changes being made to ratings that day, if any? It doesn’t seem that hard for them to do that, and would make the market less piecemeal. Since the NRSRO designation is actually handed out by some governmental authority, it wouldn’t be too hard for them to impose that as a rule.