SEC Allows Existing Credit Rating Agencies to Act as NRSROs

July 01, 2007

On June 28, 2007, the Securities and Exchange Commission (the "SEC" or the "Commission") announced that each of the credit rating agencies previously identified as a national recognized rating agency ("NRSRO") may continue to represent themselves or act as NRSROs. The SEC staff had previously granted a no-action letter to each of these firms and each has applied to be registered with the Commission as NRSRO under the Credit Rating Agency Reform Act of 2006 (the "Rating Agency Act"). The Commission allowed these firms to continue to represent themselves or act as NRSROs during Commission consideration of their applications.

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