Ratings are besides the point. Implied "ratings" should be recoverable from the market-clearing yield on any given bond. Bond buyers should perform their own du

Ratings are besides the point. Implied "ratings" should be recoverable from the market-clearing yield on any given bond. Bond buyers should perform their own due diligence, either in-house or by paying a third party. What good does it do to have an intermediate institution (one that has no skin in the game) suppress the perceived riskiness of certain assets and inflate the perceived riskiness of others?