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Coding error responsible for Moody's debt ratings

Submitted by Anonymous Coward
An anonymous reader writes "The Financial Times has the story that billions in incorrect AAA ratings given out by Moody's were the result of a coding error in its computer models. "Internal Moody's documents seen by the FT show that some senior staff within the credit agency knew early in 2007 that products rated the previous year had received top-notch triple A ratings and that, after a computer coding error was corrected, their ratings should have been up to four notches lower." http://www.ft.com/cms/s/0/0c82561a-2697-11dd-9c95-000077b07658.html"
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Coding error responsible for Moody's debt ratings

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