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US SEC cites compliance concerns at credit-rating agencies
November 15, 2012 / 4:16 PM / 5 years ago

US SEC cites compliance concerns at credit-rating agencies

WASHINGTON, Nov 15 (Reuters) - U.S. securities regulators unveiled the findings of their 2012 exams for credit-rating agencies on Thursday, saying they found some firms failed to disclose ratings methodology changes or follow policies to timely downgrade securities.

The report by the Securities and Exchange Commission summarizes the results of its annual examinations of raters, a new requirement under the 2010 Dodd-Frank Act.

The report does not name which firms had violations. But the exams are conducted on site at all raters registered with the SEC, which include smaller firms as well as the big three - Moody’s Corp, McGraw-Hill Cos Inc’s Standard & Poor’s and Fimalac SA’s Fitch.

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