286 (prraetsi en ng t c. aTtheer si ne gi )s soure isf , thhoewpeovsesri, bwi loi tuyl do fnraat tui rnagl lsyhdoips ap pi npge abre ihf aCvRi oArs boyp ei srsaut ee rus nwd ae sr the ‘investor pays’ business model as per our primary suggestion. Thirdly, the effectiveness of regulations could be improved if CRAs were also be required to publish specifically i) how rating standards have tightened or lhooows etnheeds eocvhe ar ntgi me se i n( i r. ea. t, i np ge rs tsaengdma er dn st aorf e t dh ee t as ce hc ue dr i tf irzoamt i ocno mmpaertki et itv)e, ipi )r eps rs ouvr ee or ifs kt haesi sr eps es me res n, at nf odr ici ir)e dhiot wr a tt hi negys .h aTvhei si nwcoour lpdoer antl ei gdh tcer ne di ni tvoerspt or rost eocnt itohne itnr atihneoi rf tt hh oe iurgrhi st ka-npdr i c( ci nhga np goel isc ii ens) amc ceot hr do idnsg ul ys ea dn db oy nC aR tAi ms aenl yd bwa soius l. dT hh ee sl pe st hu eg mg e st ot i oandsa pt ot ft uo r bt hee er ni mf o rpcreodv eb iyn froergmu laattiioonn tpr ae nr sspea rbeunt c cyotuhl rdo ua lgsho CbRe Ap dr oi s- calcotsi vuer ley droe anl iozte hd abv ye Cr eRl iAasb ti lhi teymosfe cl vree sd. i At mr aot innggsst toht ha te rs so, mt hei smma irgkhett hpeal rpt iscoi mp aen ot sf tmh ei gshkt espt ti il cl ihs amv eo n( stehee, e.g., Badoer et al., 2019). Fr iisnka lrl ey ,t ewnet iroenc ommemt heondds r sehg ou ul al tdo irns dt oe er de - be ve atlrueaattee wd heeqtuhaelrl yt h( ea sd icf uf errreenntt lrye gduolna et obr yy ri ne tgeurleast ti oonf )t .h We oer isghi no wa t otrhaant dt hi nev de si ftfoerrse ni nt amn eetqhuoadl smdaon nneort. Rs ee ge uml a tt oo ras l mi g ni g ht ot atlhs oe sl eegeiks ltaot iivme pf rr aomv eetwh oi sr, kasnodftthheesUu Sg gaensdt i Eo nUsma ba or kveet, boyn tcrryei dn igt troa tailni ggns . t h e ( d i v e r g i n g ) 7.3.2 Cure in the meantime: Opportunities for investors Ft hoer i ri n ivnevset os trms , ewnet rme coodme lms eanc dc otrhdai tn tgh et oy itnhfeo rrmi s kt hs eoi rb cs reer dv ei tdd ei np at rhtims edni st ss et rot ahtoi onne if they have not already done so. For example, by incorporating the risks that
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