Anne sent a message to Abigail Johnson – President and Chief Executive Officer of Fidelity Investments and Chairman of Fidelity Worldwide Investment email address that said:
I am a long standing private client.
On 4/12 SP downgraded Clfifs to "D"-I had been satisfied they were turning around but decided the grading required I sell at a loss.
ON 4/14 SP upgraded Cliffs to a "CCC_".
Why the error/change?.
Complaints with FIdelity resulted in a gratuitous response.Th e rating agencies behaved poorly during the subprime crisis.I believe this is an example of where they should be rquired to give a brief rationale for any change.
You, at FIdelity should have the influence (and concern) to request the agencies supply rationale.
