I want to know the answer to the following question:
What said that agencies had to start using Moody's and S&P to assess financial institutions?
All the background I'm provided with is that "Think-tanks such as the World Pensions Council have also argued that European legislators have pushed somewhat dogmatically for the adoption of the Basel II recommendations, adopted in 2005, transposed in European Union law through the Capital Requirements Directive (CRD), effective since 2008.". Is that enough to answer the question?
Answer: yes