This process means that ratings are often backward-looking, downgrades occur too late, and countries are typically rerated based on when analysts visit, rather than when fundamentals change. Moreover, ratings agencies lack the tools to track consistently vital factors such as changes in social inclusion, the country’s ability to innovate, and private-sector balance-sheet risk.
这一过程意味着评级往往是后瞻的，降级总是来得太晚，而国家获得评级通常取决于分析师何时到访，而不是基本面何时改变。此外，评级机构缺少连贯追踪重要因素的工具，如社会凝聚力变化、国家创新能力、私人部门资产负债表风险等。