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Why do we want a third party to evaluate a bond's credit worthiness? Why would a company agree to give a third party the right

Why do we want a third party to evaluate a bond's credit worthiness?

Why would a company agree to give a third party the right to rate them?

What are the problems that are created in the current rating system?

Explain some potential pitfalls of having rating agencies paid by the bond issuers.

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