We must review our reliance on ratings: King

Central banks must rethink their reliance on credit ratings to assess financial products' suitability for open-market operations, Mervyn King, the governor of the Bank of England, has said.

"In the Bank we're going to think very hard about the extent to which we and other central banks rely on credit ratings as an indicator of access to our operations," King told lawmakers on Thursday. "We don't allow anyone with a given credit rating automatic access, we always do a second check, but actuall