US to impose restrictions on credit rating agencies

US authorities are clamping down on credit rating agencies following heavy criticism of their conduct in the run-up to the financial crisis.

The Securities and Exchange Commission said last night that it is taking action to make ratings agencies more accountable. It also vowed to restrict the practice of "rating shopping" – where a company would privately approach several agencies to learn what rating they would be awarded.

SEC chairman Mary Schapiro said she was acting because investors who relied on credit ratings have been let down.

Read Full Article from guardian.co.uk

- Posted: 2009-09-18 13:43:38

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