There is a wealth of interesting material in Mr. Mahoney’s paper. He has been very open and frank in letting us see how Moody’s assesses financial stress. I agree with much of what Mr. Mahoney said, and those who are being assessed should pay close attention. Even if they disagree, the fact that a major rating agency follows a particular approach, of itself, has implications for the markets and financial flows. While I can go along with much of the first part of the paper, however, I do have some doubts about Mr. Mahoney’s statement that these factors provide a necessary but insufficient indicator of vulnerability and, therefore, about some of the policy implications toward the end of the paper to which I will return later.