Agencies are a necessary evil
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Re: "Why do we credit the rating agencies?", Letters, June 10.
Somsak Pola’s attacks on credit-rating agencies are vicious and deservedly so. Unfortunately, the agencies are not replaceable, and remain a necessary evil.
They were universally blamed for giving erroneous ratings that were one of the causes of the financial meltdowns in America and Europe in 2008. But despite that, they remain important to a capitalist society, since investors and lenders still look to them for guidance.
Thailand could afford to ignore or insult them if it were like North Korea – not part of the world.
Songdej Praditsmanont
Bangkok
