Id Credit Rating Agencies do good work?

Did Credit Rating Agencies do good work?
Evidence from the last financial crisis
a? The question sometimes arises as to why a potential issuer would be willing to pay rating agencies tens of thousands of dollars in order to receive a rating, especially given the possibility that the resulting rating could be less favorable than expected. Discuss this issue in a report showing how the last financial crisis shed light on the credibility of Credit Rating Agency. This is a good place to remember the pervasive nature of agency costs and point out a real-world example of their effects on firm value. You may also wish to use this issue to discuss some of the consequences of information asymmetries in financial markets. This report should refer to reasons for the credit crunch (the last financial crisis 2007-2009) and its implications on Qatara economy.
a? You are expected to work in group of 4/5 persons. Your report should not be more than 4000 words.
a? The report should have an abstract ( no more than 400 words)
The project will be allocated 5 marks depending on the content, academic referencing and well structure. However using real data and using it to measure the impact, or whatever will gain some bonus. The peer evaluation for every member of the groupas the contribution will attract 2 marks
a? There is an individual presentation for the project (3 marks) where every member of the group will present her presentation in the project.

please try to wrie in a simple not too complex words so to be easier to understand