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A Moody’s sign on the 7 World Trade Center in New York. The ratings service believes the government no longer thinks some banks are too big to fail.
A Moody’s sign on the 7 World Trade Center in New York. The ratings service believes the government no longer thinks some banks are too big to fail.
(Mike Segar/Reuters)

Moody’s jumps gun with obituary for too-big-to-fail

Since the debacle of 2008, the major debt-rating agencies have worked hard to show how quickly and forcefully they can respond to changes in credit quality. Given the nasty public drubbing they took for putting their seal of approval on dodgy structured finance vehicles at the centre of the financial crisis, this was understandable.