Moody's Client Services interview questions

There are a few interviews, telephone screening by HR, then a telephone interview with manager, then an interview with the manager and one more person and finally the head of department.

Two managers were late for the 40 minute interview. One left after 20 minutes, saying she had a meeting to attend to (Time management issues?). I did not get the job, the reason being "insufficient knowledge of capital markets". How can they have deduced that when during the whole interview, the only technical question asked was to define a rating? Nothing else close to capital markets. [In case anyone is doubtful, the interviewer who remained did say that my definition was correct.]