NEW YORK, April 23 (Reuters) - A Securities and Exchange investigation will not affect the independence of credit ratings from Egan-Jones, founder Sean Egan said on Monday.
“Our job is to get back to work and focus on providing timely, accurate ratings and research. This will not have any effect on the firm’s independence or our commitment to call credit quality as we see it, regardless of issuer,” Egan said.
U.S. securities regulators have decided to bring an enforcement case against credit-rating agency Egan-Jones, alleging the firm made material misstatements in a 2008 regulatory application, the company’s lawyer confirmed last week.
Egan-Jones is among the smallest U.S.-recognized credit rating firms in an industry dominated by three major agencies: Moody’s Corp, McGraw-Hill Cos Inc’s Standard & Poor‘s, and Fimalac SA’s Fitch.