Agree. Which is why the issuer is currently paying for it. But with the obvious potential conflict of interest. Plus these are securities, and all market parti

Agree. Which is why the issuer is currently paying for it. But with the obvious potential conflict of interest. Plus these are securities, and all market participants should have access to the same public information. It is a problem to have half the investors in the dark about the transaction if they couldn't pay for a private rating (which in turn would negatively affect pricing).