SEC names seven national rating agencies

Sep 25, 2007 @ 11:24 am

By Aaron Siegel

The Securities and Exchange Commission has granted seven credit rating agencies the right to be a nationally recognized statistical rating organization.

The SEC said that the seven companies are the first to be registered with the commission under the Credit Rating Agency Reform Act of 2006.

The seven firms are A.M. Best Co. Inc., DBRS Ltd., Fitch Inc., Japan Credit Rating Agency Ltd., Moody's Investors Service Inc., Rating and Investment Information Inc., and Standard & Poor's Ratings Services.

The Credit Rating Agency Reform Act and the SEC's new rules required registered credit rating agencies to disclose their procedures and methodologies for assigning ratings.

They are also required to make public certain performance measurement statistics, including historical downgrades and default rates.

Each of the seven NRSROs will be required to post on its website its Form NRSRO and non-confidential exhibits on its website by Oct. 8.

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