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The article discusses how regulatory reliance affects credit ratings in the U.S. It states that ratings were led to capital markets' indispensable instruments due to many regulations in which they were tied to. It mentions that well-intentioned regulations may become very unfavorable, which could result to future and increasing social and regulatory costs. It also argues on the insufficiency of the reputational concerns in assuring accurate ratings. It suggests the need to get rid of the regulatory reliance and to subject rating agencies for market test in order to improve the quality of ratings and to preserve their function in the capital markets.