shall now consider first the of the issue pay's model which is widespread among rating agencies second the of the banks and other institutional investors on credit rera
We shall now consider, first, the consequences of the issuer-pays model, which is widespread among rating agencies; second, the dependence of the banks and other institutional investors on credit ratings; third, the rating of sovereign debt which is not a straightforward matter; fourth, increasing transparency in order to manage conflicts of interest better; and fifth, creating more competition and diversity in this rating agencies market, which is currently concentrated in too few hands.
shall now consider, first, the of the issuer-pays model, which is widespread among rating agencies; second, the of the banks and other institutional investors on credit ratings; rating of sovereign which is not matter; fourth, increasing transparency in order to manage conflicts of interest better; and fifth, more competition and diversity in rating agencies which is currently concentrated in too hands.