SEC Audit Finds Failures At Credit Rating Agencies

Law360, New York (September 30, 2011, 3:57 PM EDT) -- The staff of the U.S. Securities and Exchange Commission reported Friday that all 10 national credit rating agencies have failed at times to follow their own ratings procedures, in the first findings to be released after federal financial reform law mandated the annual audits.

"We expect the credit rating agencies to address the concerns we have raised in a timely and effective way, and we will be monitoring their progress as part of our ongoing annual examinations," Norm Champ, deputy director of the SEC's Office of...
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