These include data scarcity and associated quantitative and qualitative modeling limitations, concerns about falsified data, as well as open questions regarding the capacity of relatively few rating analysts to properly cover tremendously complex entities.
Quite how near was signalled by the ratings agency Fitch yesterday, which said that OBR's forecasts of rising government debt had reduced the UK's capacity to absorb further shocks and retain its AAA rating.
At Ockham, we have a Fairly Valued or neutral rating on STD, and we would like to get more visibility into the earnings capacity of the expanding bank when the dust settles.