In the mid to late 2000s, rating agencies performed poorly when comparing bond ratings to default rates for some major structured finance products. This was particularly true for products linked in some way to residential mortgages. Thus, erroneous judgments by rating agencies on the risks of some structured products became a topic of interest. The over-reliance on predictive models of default rates based on historical data may have contributed to the attribution of ratings whose explanatory capacity for default events was reduced.

In addition, an eventual search for greater profitability may have induced the ratings industry to exceed its level of competence in rating financial products whose complexity required a greater effort for proper understanding. As a result, in recent years there has been a frequent search for more rigorous rating mechanisms, supported by documented empirical evidences in scientific research literature. In addition, the regulation of the rating industry around the world has become a recurring issue, along with various reforms aimed at promoting the credibility, trust and reputation of the ratings industry in the financial and capital markets context.