Insufficient information to judge that to be the case; they rate millions of bonds and, statistically, they’ll almost certainly have every type of disagreement

Insufficient information to judge that to be the case; they rate millions of bonds and, statistically, they’ll almost certainly have every type of disagreement occasionally. The difference between AAA and junk isn’t 99 and 3 on a 100 point scale; it is somewhere in the neighborhood of 99.9 and 96.0 on the 100 point scale “Likelihood to not default within 1 year.” You’d need vastly more data points to firmly believe the conclusion “Their ratings are indistinguishable from being randomly generated.” There are people on Wall Street who can appreciate this math. A statement which is true and necessary but may not be kind: Wall Street does not allocate their talents towards producing journalism.