I think that going forward, both the rating agencies and the banks will be very important in our society.

我认为这会有效果,信用评级机构和银行,都将会在我们的社会中扮演很重要的角色

耶鲁公开课 - 金融市场课程节选

Some people think that the rating agencies have allowed a kind of moral hazard to creep into their organization.

有些人认为,信用评级机构,已经让某种程度的道德风险,渗透到他们的机构中

耶鲁公开课 - 金融市场课程节选

He had a neat idea and that was to give letter grades to securities that represented credit worthiness.

他有个绝妙的主意,就是用字母,给证券评级,以此来代表其信用状况

耶鲁公开课 - 金融市场课程节选

The first rating agency in the world was created by Mr. John Moody, in the U.S. In 1909.

世界上第一家信用评级机构,是约翰·穆迪先生,于1909年在美国创办的

耶鲁公开课 - 金融市场课程节选

The rating agencies weren't cutting the ratings as they should and these European banks were just kind of naively trusting and it just didn't get figured out.

信用评级机构并未按照实际评级,这些欧洲银行却很傻很天真地相信了,没有认识到潜在的风险

耶鲁公开课 - 金融市场课程节选

I wanted to mention in this context, because I'm emphasizing how banks help solve the adverse selection and moral hazard problem -I wanted to mention briefly here also the rating agencies, which fulfill some of these functions.

我早就想在这段内容里讲讲这事了,因为我一直强调,银行是如何帮助解决逆向选择,以及道德风险问题的...,我还一直想在这里简要的提下,本应履行这些职能的那些信用评级机构

耶鲁公开课 - 金融市场课程节选

Now, part of the problem is that the rating agencies were rating their securities that they were investing in as AAA, in many cases.

同时存在的一个问题是,信用评级机构对他们投资的,大部分债券都给予了AAA的评级

耶鲁公开课 - 金融市场课程节选