"The "Big Three" global credit rating agenciesU.S.-based Standard and Poor's (S&P). Moody's, and Fitch Ratingshave come under intense scrutiny in the wake of the global financial crisis. Meant to provide investors with reliable information on the riskiness of various kinds of debt, these agencies have instead been accused of exacerbating the financial crisis and defrauding investors by offering overly favourable evaluations of insolvent financial institutions and approving extremely risky mortgage-related securities." [Council on Foreign Relations, 2015] a) Explain the motives behind the credit ratings agencies. [3 marks] b) Deliberate the process of credit rating. [12 marks] c) Evaluate the rationales behind why the above event occurs. [10 marks] "The "Big Three" global credit rating agenciesU.S.-based Standard and Poor's (S&P). Moody's, and Fitch Ratingshave come under intense scrutiny in the wake of the global financial crisis. Meant to provide investors with reliable information on the riskiness of various kinds of debt, these agencies have instead been accused of exacerbating the financial crisis and defrauding investors by offering overly favourable evaluations of insolvent financial institutions and approving extremely risky mortgage-related securities." [Council on Foreign Relations, 2015] a) Explain the motives behind the credit ratings agencies. [3 marks] b) Deliberate the process of credit rating. [12 marks] c) Evaluate the rationales behind why the above event occurs. [10 marks]