because if you analyze the yield developments, you will see that they're much more volatile and almost locastic is times, and therefore others give a longer term benchmark of credit risk than what markets of doing. >> mr. riley, mr. kramer just told us ratings are one thing and market another. which is the more important? >> i think the more important is the judgment made by the market in terms of, of course, the investors or potential investors who are choosing to lend to an entity or a national government, or choosing not to. and the terms in which that borrowing is extended. so many in respects i do think that the role of the rating agencies, to be frank, is overstated. partly because one of the strengths, one of the strengths of the rating system is its simplicity. the simple rating scale, which obviously you're aware of, and so if there's a positive or negative rating action, it's something which the media can report on very easily. but if a particular investor, you know, is taking a position in credit defaults, short markets or selling uk yields to buy german bonds or vice versa, that's s