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Inside Business

James Moore: Those ratings agencies can still bite hard

Outlook In the world of ratings agencies there is a very definite hierarchy. Standard & Poor's sits at the top of the tree, a branch or two above Moody's. Fitch occupies third place and, as a result of this, it has often proved rather more willing to say rather more interesting things than the others. This is probably because it knows they won't have quite the same impact, so there is less risk. That wasn't the case yesterday, however, when Fitch warned that of all the major economies, Britain's prized AAA credit rating was most at risk of a downgrade.

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