U.S. regulators to diminish ratings agencies' role: WSJ
NEW YORK (Reuters) - The U.S. Securities and Exchange Commission is planning rules to make it possible for U.S. money-market funds to invest in short-term debt without regards to ratings put on those securities by firms such as Moody's and Standard & Poor's, the Wall Street Journal reported on Monday citing people familiar with the matter.
The new rule would put more discretion in the hands of money managers to determine whether the debt is investment grade, according to the Journal.
The move by the SEC will be part of wider proposed rules that may diminish the importance of credit ratings across various markets, WSJ said.
An SEC spokesperson was not immediately available for comment.
(Reporting by Yinka Adegoke; editing by Carol Bishopric)
