In March, Moody's said: "Some recent cases have come to market for which we believe increased risk has not been adequately mitigated for the level of ratings assigned by another agency." In particular, Moody's faulted ratings issued by S&P, Fitch and DBRS on asset-backed deals. One portfolio manager who invests in asset-backed securities said: "It is good to have dialogue [among the rating agencies]. "Rating agency analysts know they will be scrutinized," the investor added. "To the extent that [the dialogue] continues, it lets a lot of investors have a broader perspective."