Insight for Sunday 19 April 2009

Credit rating agencies evaluate risk, providing a central pillar of the financial system.

They rank investment products that they consider the most secure and reliable as Triple-A.

But, in the past year the value of many Triple-A rated bonds has turned to dust.

Have the agencies provided a false sense of security? In tough times have they been found wanting?

The BBC's Mark Gregory investigates.

The audio of this programme is available on the BBC Assignment page.

Picture: A seal of approval. How much weight should investors give to risk assessments made by credit ratings agencies?