"Some people love them, some hate them, but no one would dispute that ratings agencies play an important role in financial markets today. Their influence is clearly evident, particularly with the recent GM and Ford revaluations. When asked the basic question 'What is a rating agency?' the names Moody's, S&P, and Fitch quickly come to mind as entities in the business of rating the investment quality of bonds. But Timothy Sinclair, a professor of international political economy at the University of Warwick, goes much further. He reviews in exhaustive detail who the ratings agencies are, where they came from, how they are regulated and operate in different countries, and how their role has shifted and been strengthened as the financial markets evolve."—Ann Cullen, HBS Working Knowledge, June 2005