Leading credit ratings agencies under fire

JAPAN - Japan's Ministry of Finance has taken aim at the world's leading credit ratings agencies - Moody's, Standard & Poor's and Fitch - in a strongly worded letter that accuses them of lacking objectivity and calls into question the reliability of their decisions.

Japan was stung recently after S&P downgraded Japanese government bonds by a notch to AA-, the lowest among the Group of Seven nations, while Moody's is threatening to reduce the country's credit rating to the same level as Botswana's

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