Credit Rating Agencies Faulted In SEC Review

Law360, New York (July 9, 2008, 12:00 AM EDT) -- The top three U.S. credit rating agencies, whose high approval of mortgage-backed securities has faced scrutiny in the wake of the subprime mortgage fiasco, mismanaged conflicts of interests and kept investors in the dark, the U.S. Securities and Exchange Commission said Tuesday.

The SEC's 10-month review of the three major U.S. ratings agencies – Fitch Ratings Ltd., Moody's Investor Services Inc., and Standard & Poor's Ratings Services – found that the firms struggled to cope with the growth in number and complexity of Wall Street deals...
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