Today’s post picks up on the news that Moody’s has determined that the uncertainty that has resulted from the recent General Election in the U.K. ‘ poses a risk to Britain’s credit rating ’, whilst S&P has noted that ‘ this latest bit of instability can only weaken the business environment and consumer confidence ’. In this short post, we will examine the ‘findings’ of the rating agencies more closely but, importantly, we will have the following criticism – from leading CRA critic Professor Frank Partnoy – in mind: ‘ there is overwhelming evidence that credit ratings are of scant informational value ’. To begin with, the report from Moody’s, which is available here , details a number of elements which Moody’s analysts believe are important pieces of information for investors. The report discusses how the ‘inconclusive election outcome will complicate and probably delay Brexit negotiations’, and how fiscal risks will increase because of a lack of political consensus; the re...