Credit rating agencies are organizations that provide an assessment of the creditworthiness of a company or a financial instrument. The nationally recognized statistical rating organizations (“NRSROs”) were recognized by the Commission staff through a no-action letter process until 2006, when Congress passed the Credit Rating Agency Reform Act (the “Reform Act”). The Reform Act added Section 15E to the Securities Exchange Act of 1934 (the “Exchange Act”) and provided the Commission with the authority to establish a registration and oversight program for credit rating agencies registered as NRSROs. In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which enhanced the Commission’s oversight of the regulation of NRSROs. To date, through a series of rulemakings, the Commission has implemented a number of Exchange Act provisions related to NRSROs.

The SEC’s Office of Investor Education issued the following Investor Bulletin to educate investors about credit ratings: The ABCs of Credit Ratings.

 Credit rating agencies currently registered as NRSROs and related documents: Current NRSROs and Filings.