Rating agency reform legislation 'inappropriate and unfair'


Credit rating agencies are fighting back against draft legislation that could make them all liable for the mistakes of any one of them and make it easier for counterparties to take legal action over reckless or unreasonable rating work.

Appearing yesterday before a meeting of the US House of Representatives' subcommittee on capital markets, insurance, and government-sponsored enterprises, senior representatives from the three largest nationally recognised statistical rating organisations (NRSROs