I’ve asked this before, but I will ask it again, why can’t Rating Actions be scheduled like any other important piece of economic data. Make rating action announcements come out at 11 am NY time for example. The the agencies are taking any action, they can release it at 11 am, if they don’t have any actions that day, then nothing comes out. It seems simple. Investors can check out their screens at 11 am and wait for rating agency reports. No guess-work about timing of potential moves. The Fed can schedule their announcements. The BLS data is scheduled for a set time, why not rating actions?
I know that technically (in our bizarro world) Ratings are “Free Speech” but still, they get some national recognized title or other that sounds official, why can’t part of that “national recognition” include forcing them to put out all actions at a specific time of day? I can see many ways it would be beneficial to the market, and no way that it would hurt the market.
I was just reminded by someone that the US downgrade was allegedly priced in. It didn’t affect treasuries, but stocks reacted quite negatively.