SEC Proposes Amendments Affecting Ratings by Credit Rating Agencies

July 2008

In response to the recent sub-prime mortgage crisis and resulting credit crunch, the United States Securities and Exchange Commission (SEC) proposed at an Open Meeting held on June 25, 2008, to eliminate references in certain of its rules and forms to credit ratings by Nationally Recognized Statistical Rating Organizations (NRSROs) to reduce reliance by market participants on NRSRO credit ratings and to encourage investors to make independent judgments.

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