What are the ethical issues in this case regarding the Credit Rating Agencies (CRA’s)?

Read this case study from Duke University
https://kenan.ethics.duke.edu/wp-content/uploads/2018/01/Moodys_Text20151.pdf
Prepare a Case Response answering the following questions.
1. What are the ethical issues in this case regarding the Credit Rating Agencies (CRA’s)?
2. The steady de-regulation of the financial sector occurred over many years. In an industry that is not highly regulated (or in any industry) is it ok to push the envelope so long as it is within the law, or do such circumstances call for greater attention and adherence to a strong ethical code?
3. What were the factors that contributed to Moody’s transformation from a company of immense pride and integrity to one where the sole focus was on revenue and market share?

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