Select any 2 major credit rating agencies.

a)Outline the differences in approaches / processes between the 2 firms when assessing a debt security rating.

b)Why is it generally critical for a bond issue to be rated at least 'investment-grade'.

c) Outline some of the factors that may result in a credit rating agency changing the ratings allocated to a bond subsequent to its issue. Provide a practical example of such re-rating in relation to a bond issue.