Trouble of removing ratings highlighted by SEC
The furore caused by a proposal to remove ratings from various Securities and Exchange Commission (SEC) rules highlights the tough task ahead for US regulators in reducing their reliance on credit ratings.
The Dodd-Frank Act requires federal agencies to review the use of credit ratings in financial rules and remove them where feasible. In replacing ratings, “agencies shall seek to establish, to the extent feasible, uniform standards of creditworthiness for use by each agency”, says the
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