In the aftermath of the financial crisis, Standard & Poor's Ratings Services realized the need to do a better job of communicating what our ratings are, how they are determined, and how they had actually performed.
While the overall track record of our ratings was strong (and remains so), the performance of our ratings on US residential mortgage-backed securities fell short of our expectations. To address the issues, in February 2008 we announced 27 steps to improve our governance, make our ...