Using Credit Ratings In Public Debt Offerings

Law360, New York (August 19, 2010, 4:50 PM EDT) -- The practice of marketing registered public offerings of debt securities with credit ratings information and related disclosure of issuer credit ratings in U.S. Securities and Exchange Commission filings will change with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

One of the many reforms of Dodd-Frank was aimed at credit rating agencies. Dodd-Frank Section 939G repealed SEC Rule 436(g) promulgated under the Securities Act of 1933. Rule 436(g) stated that in general, credit ratings were not deemed "expertized" portions of...
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