2007 when waves of downgrades hit a huge number of mortgage securities that previously had top triple-A ratings, according to Mark Adelson, a veteran bond market executive and researcher known for his early warnings about mortgage securitization risks before the downturn.

"Back in the '90s or early 2000s a rating agency would say of unsolicited ratings, 'This is sour grapes,' and might get an investor to dismiss those opinions. It's a lot harder for the sell side to make those arguments today," said Adelson, who is now chief strategy officer at BondFactor, a company created to help improve insurance claim payment certainty in the municipal market.

Unsolicited ratings or ratings comments may be unbiased by seller payment but still competitively biased, particularly given that competition has grown because the downturnTailwind Sports

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