Q2 (a) Credit rating agencies analyze an issuer's credit quality and assign a rating to the issuer's obligations. If an issuer's credit risk increases, investors will demand a higher yield on that firm's obligations to compensate them for the higher level of risk. However, some critics argued that the credit rating agency did not tell the issuer's actual risk. Explain SIX (6) limitations of credit rating agencies on their rating analysis. (18 marks)