Washington Post (06/26/08) P. D5; Irwin, Neil
The Securities and Exchange Commission (SEC) will seek public comment on a proposal that would alter or eliminate 38 of the 44 rules mandating the use of credit ratings, lessening the importance of the rating firms Moody's, Standard & Poor's and Fitch. In addition to clarifying conflict-of-interest rules for individuals responsible for rating companies and selling rating services, the SEC would force money-market funds to gauge the liquidity of a security, rather than assess only default risks. Experts believe a reliance on credit ratings is partly responsible for the current credit crisis.
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