I can well imagine snickers but when you come to:

Objectivity: The methodology for assigning credit assessments must be rigorous, systematic, and subject to some form of validation based on historical experience.

...I would expect gales of laughter. How does "validation based on historical experience" survive Q3, '08? Or is treating all of '08 as an aberration what they mean by "some form"?

"It is not necessary to have hope in order to persevere."