Credit Rating Agencies Apply for Registration as Nationally Recognized Statistical Rating Organizations
FOR IMMEDIATE RELEASE
Washington, D.C., June 28, 2007 - The Securities and Exchange Commission today announced that each of the credit rating agencies previously identified as a nationally recognized statistical rating organization (NRSRO) has applied to be registered with the Commission. Consequently, they may continue to represent themselves or act as NRSROs during Commission consideration of their applications.
The firms are:
- A.M. Best Company, Inc.
- Fitch, Inc.
- Japan Credit Rating Agency, Ltd.
- Moody's Investors Service
- Rating and Investment Information, Inc.
- Standard and Poor's Ratings Services
On June 26, 2007, final Commission rules implementing the Credit Rating Agency Reform Act of 2006 ("Rating Agency Act") and certain provisions of the Rating Agency Act went into effect. The Rating Agency Act and the rules thereunder prescribe the sole method by which a credit rating agency can become an NRSRO namely through registering with the Commission. However, under the Rating Agency Act, any credit rating agency that was the subject of a Commission staff no-action letter identifying it as an NRSRO can continue to represent itself or act as an NRSRO if it has applied to be registered with the Commission under the provisions of the Rating Agency Act and the Commission's rules thereunder.
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Commission release adopting final rules under the Rating Agency Act: