Credit rating agencies are under attack worldwide, columnist David Pauly argues, and much-needed changes are on the horizon. Standard & Poor's, Moody's Investors Service and Fitch Ratings "gave top ratings to pools of risky mortgages that collapsed, causing a global credit crisis," Pauly writes. European officials, including Michel Barnier of the European Commission and Jean-Claude Trichet, head of the European Central Bank, have called for changes. Meanwhile, the Senate approved a measure that aims to prevent companies from shopping around for the most attractive rating.

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