Every day there are big headlines in the newspapers reminding that the crisis has not ended yet. In the fallout from the financial crisis of 2008-2009, a debate arose with regard to the culpability of credit rating agencies (CRAs) in creating or contributing to the crisis. In recent years, CRAs have been criticized strongly. In particular politicians and the public have been upset by the CRA's steady downgrading of European sovereign debt. Since the European sovereign debt crisis emerged in 2009, more and more concerns about the enormous power possessed by the big CRAs have been expressed....