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Posted by Monitor on June 24, 2008, 1:31 am
SEC proposals may diminish credit ratings role: report
Published: Tuesday, June 24 2008
http://biz.yahoo.com/rb/080624/sec_ratings.html?.v=1
NEW YORK (Reuters) - The U.S. Securities and Exchange Commission plans
to propose rules that may diminish the importance of credit ratings
across various markets, the Wall Street Journal reported on Tuesday.
One proposal, to be unveiled Wednesday, would make it possible for
U.S. money-market funds to invest in short-term debt without regard to
ratings put on those securities by firms such as Moody's Investors
Service and Standard & Poor's, the Journal reported, citing people
familiar with the matter.
Currently, SEC rules generally require that money-market funds
purchase only short-term debt with high investment-grade ratings, the
Journal said.
The SEC also will propose rules that may diminish the importance of
credit ratings in determining the amount of capital that investment
banks are required to hold, the Journal reported.
The renewed effort is part of a push in the United States and Europe
amid the credit crunch that has devastated many banks and investors,
the Journal said, adding that rating Moody's Corp's, Moody's Investors
Service, McGraw-Hill Cos', Standard & Poor's and Fimalac SA's. Fitch
Ratings have been blamed by some for underestimating the risk of
default on hundreds of billions of dollars of mortgage debt.
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