This book examines rating agencies role in the recent financial crisis and proposed reforms. It summarizes the key causes that have led to the crisis, analyzes points of criticism and accusations leveled at rating agencies, and discusses proposals towards regulatory reform. The author takes rating agencies position regarding these accusations and proposals into account. In contrast to other studies focusing only on US and EU regulatory issues, this study also considers whether responses from other countries could deliver a feasible path in adopting new regulations. The author examines in a cross-country qualitative manner stakeholder perceptions with respect to rating agencies. Based on empirical findings the study discusses how perceived or revealed shortcomings can be solved.