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Typically, a security was also rated by at least one of the other two major rating agencies, Fitch Ratings and Moody's Investors Service.
Xerox's credit ratings from the major rating agencies are one or two notches above noninvestment grade.
Ratings from the other major rating agencies are no clearer.
Considering that the three major rating agencies control more than 90% of the world's ratings business, establishing a new one wouldn't be easy.
"We will compare our rating to the external ratings but we try to make our decision independent of what the major rating agencies are saying and that has certainly accelerated," Andrew Bosomworth, head of portfolio management in Germany at Pimco, told Reuters.
Last week, major rating services placed airport bonds on review for possible downgrades.
The other major rating agency, Fitch, issued an upgrade earlier in the year.
Fitch, the other major rating agency, cut them both to double-A earlier this year.
In addition, downgrades on these loans from the major rating agencies have been relatively modest.
For now, all three major rating firms continue to give the United States a AAA rating.
Now we know that the major rating agencies — Standard & Poor's, Moody's and Fitch — disgraced themselves in rating structured finance products.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com