Credit rating agencies' subjectivity impacts countries' access to credit markets.
Sovereign credit ratings from big agencies like Standard & Poor's can affect a country's ability to borrow money. A study compared ratings from Standard & Poor's and a Chinese agency called Dagong. They found that both agencies used similar indicators to rate countries, but also made subjective judgments. Dagong even rated the U.S. lower than AAA before Standard & Poor's did. This shows that credit ratings can be influenced by both objective factors and personal opinions.