Fixed Income Market Structure Advisory Committee — Credit Ratings Subcommittee

Summary Minutes of April 29, 2020 Call

The Credit Ratings Subcommittee held a call on April 29, 2020.

The call convened at approximately 11:00 a.m. via telephone. The following Subcommittee members were on the call:

Amy McGarrity
Michael Heaney
Dan Allen
Larry Harris
Ananth Madhavan
Lynn Martin
Kumar Venkataraman
Rachel Wilson

The following persons joined the first part of the call:

• Daniel Gates, Managing Director, Ratings & Process Oversight, Moody’s Investors Service
• Jonathan Polansky, Managing Director and head of U.S. Structured Finance Surveillance Ratings, Moody’s Investors Service
• Kathyanne Cohen, Senior Vice President, Government & Public Affairs, Moody’s Corporation

The following person joined the second part of the call:

• James Wiemken, Senior Managing Director and Global Head of Methodologies, S&P Global

The following staff from the Division of Trading and Markets joined the call:

David Dimitrious
Tom Eady
Arisa Tinaves Kettig
Randall Roy
David Shillman

The following staff from the Office of Credit Ratings joined the call:

Jessica Kane
Rolaine Bancroft
Annemarie Ettinger
Harriet Orol

The following staff from the Division of Economic and Risk Analysis joined the call:

Diana Knyazeva

The following staff from the Office of Municipal Securities joined the call:

Adam Wendell

The Subcommittee continued to discuss ideas and next steps in connection with a recommendation related to nationally recognized statistical rating organizations, or NRSROs. During the first part of the call, the Subcommittee heard from representatives of Moody’s Investors Service, Inc. During the second part of the call, the Subcommittee heard from a representative of S&P Global.

The call concluded at approximately 12:00 p.m.