I don’t think it’s at all tricky to solve: Don’t believe ratings from people who are not investing their own money. E.g., VCs in later rounds make sure that VC

I don’t think it’s at all tricky to solve: Don’t believe ratings from people who are not investing their own money. E.g., VCs in later rounds make sure that VCs from earlier rounds put in pro rata, because investing actions speak louder than words. Until the misaligned incentives of the rating agencies get fixed, the ratings are really not worth the paper they’re printed on.