Bond ratings agencies have invested significant sums of money in an effort to determine which quantitative and non-quantitative factors best predict bond defaults. Furthermore, some of the agencies invest time and money to meet privately with corporate personnel to get non-public information that is used in assigning the issuer's bond rating. To recoup those costs, some bond rating agencies have tied their ratings to the purchase of additional services. Do you believe that there is an acceptable practice? Defend your position. (10 marks)