MOODY’S, FITCH and STANDARD & POOR’S

Rating Agencies in a Financial Crisis Approach

Introduction According to the thought of Himan Minsky, an American economist belonging to the Keinian doctrine, who died in 1996, in periods of expansion, when the cash flow of the enterprises exceeds the quota necessary to pay the debts, a speculative euphoria develops. At the origin of the crises there is a displacement, that is,