Must read, & my short comments re Bank Investors Dismiss Moody’s Cuts as Years Too Late - Bloomberg

Bank Investors Dismiss Moody’s Cuts as Years Too Late - Bloomberg:

I would suggest you spend that 3 minutes to read through this piece of news...

does this spell end of influence/monopoly of all the rating agencies as an industry? answer is a simple no. there is sadly no alternative.. the comments from Bove below is straight to the point though, is that a common believe??

[‘Forget Moody’s’

“To downgrade a BofA or Citigroup or companies that are sitting on hundreds of billions of dollars of cash in government-backed securities makes no sense,” Richard Bove, an analyst at Rochdale Securities LLC, said in an interview on Bloomberg Radio and Television’s “Bloomberg Surveillance.”

“You can forget Moody’s,” Bove said. “You should have forgotten them a long time ago.”] 

"Downgrades of Morgan Stanley (MS), Credit Suisse Group AG (CSGN) and 13 other global banks, announced by Moody’s Investors Service after months of speculation about dire fallout, were met instead by rallies in stocks and bonds.
The cost to protect Morgan Stanley’s debt against losses dropped, and the shares rallied as much as 4.6 percent in extended trading yesterday after the ratings firm cut the bank by two levels rather than a threatened three grades. Credit- default swaps tied to Bank of America Corp., which was lowered to within two levels of junk along with Citigroup Inc. (C), also improved, along with those of Goldman Sachs Group Inc. (GS)"