I want to know the answer to the following question:
Who did rating agencies rely on for information to rate financial innovation products?
All the background I'm provided with is that "As financial assets became more and more complex, and harder and harder to value, investors were reassured by the fact that both the international bond rating agencies and bank regulators, who came to rely on them, accepted as valid some complex mathematical models which theoretically showed the risks were much smaller than they actually proved to be.". Is that enough to answer the question?
Answer: no