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Home Credit Rating Agencies Reform Resource Center

Credit Rating Agencies Reform Resource Center

A credit rating agency assigns credit ratings for issuers of debt, as well as the debt instruments themselves (including bonds, preferred stock, and commercial paper). Mutual funds employ credit ratings in a variety of ways—to help make investment decisions, to define investment strategies, to communicate with their shareholders about credit risk, and to inform the process for valuing securities.

The need for reliable and credible ratings has grown along with the complexity of the capital markets. Meanwhile, the financial crisis of 2008–2009 made clear the serious flaws in the ratings process and the urgency of reforms such as better disclosure, increased accountability, and improved rating presentations.

In October 2009, and again in December 2009, the Securities and Exchange Commission (SEC) proposed amendments that would impose a series of new requirements on registered rating agencies to improve disclosure about credit ratings and the ratings process and address conflicts of interest between rated issuers and the rating agencies. The SEC also solicited comments regarding measures to enhance liability for rating agencies.

With the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress decided to codify many of the measures that were a part of the SEC proposals as well as require additional oversight requirements that were not a part of the SEC proposals.

This resource center provides information about reform efforts for the improvement in the way credit rating agencies function. This page will be updated as events unfold.

ICI Publication
  • Report of the Money Market Working Group: Recommendations (pdf)
    Mar 17, 2009
ICI News Releases & Statements
  • ICI Seeks Increased Disclosure in Amendments to Credit Ratings Rules
    Mar 27, 2009
  • ICI Commends SEC Approval of Credit Rating Agency Rules
    Dec 3, 2008
  • ICI Urges SEC to Retain Credit Ratings in Money Market Fund Rule
    Sep 8, 2008
  • ICI Supports SEC Reforms For Credit Rating Agencies
    Jul 28, 2008
  • ICI Commends SEC on Attention to Role of Credit Ratings
    Jun 25, 2008
  • ICI Welcomes SEC's Reform Proposals for Credit Rating Agencies
    Jun 11, 2008
  • ICI Applauds Congressional Passage of Credit Rating Agency Bill, September 2006
    Sep 27, 2006
  • ICI Applauds Senate Banking Committee Passage of Credit Ratings Agency Bill, August 2006
    Aug 2, 2006
  • ICI Applauds House Passage of Credit Ratings Agency Bill, July 2006
    Jul 12, 2006
  • ICI President Outlines Steps to Improve the Nation's Credit Rating Industry, March 2006
    Mar 7, 2006
Testimony
  • ICI Testifies in Support of Regulatory Reform to Enhance Investor Protections
    Jul 17, 2009
  • SEC Roundtable on Oversight of Credit Rating Agencies
    Apr 15, 2009
  • ICI President Presents Proposal for Regulatory Reform
    Mar 10, 2009
  • ICI President Stevens Testifies on Credit Rating Agency Legislation, March 2006
    Mar 6, 2006
  • ICI President Stevens Testifies on Credit Rating Agency Legislation, November 2005
    Nov 29, 2005
Comment Letters
  • ICI Files Comment Letter on Application of Risk Retention Proposal to Third-Party Tender Options Bond Structure (pdf)
    Jul 16, 2014
  • ICI Submits Comment Letter on Credit Risk Retention Re-Proposal for Asset-Backed Securities (pdf)
    Oct 30, 2013
  • ICI Files Comment Letter on SEC Notice of Proposed Rulemaking on Treatment of Asset-Backed Issuers (pdf)
    Nov 7, 2011
  • ICI Files Letter Concerning Nationally Recognized Statistical Rating Organizations (pdf)
    Aug 8, 2011
  • ICI Letter on SEC Study on Credit Rating Agency Standardization (pdf)
    Feb 7, 2011
  • Institute Letter on U.S. Senate Amendment 3991, Credit Ratings (pdf)
    May 13, 2010
  • ICI Files Letter on SEC Proposal to Add Additional Requirements on Credit Rating Agencies (pdf)
    Feb 2, 2010
  • ICI Comment Letter on SEC Credit Ratings Disclosure Proposal (pdf)
    Dec 14, 2009
  • ICI Comment Letter on SEC NRSRO Concept Release (pdf)
    Dec 14, 2009
  • ICI Comment Letter on SEC's Proposal to Remove References to Credit Ratings from Rule 5b-3 (pdf)
    Dec 8, 2009
  • IDC Restates Objection to the Proposed Elimination of NRSRO Ratings from the Money Market Fund Rule (pdf)
    May 6, 2009
  • ICI Comment Letter on SEC Proposed Amendments to NRSRO Rules (pdf)
    Mar 26, 2009
  • ICI Comment Letter on SEC Proposal to Remove NRSRO Ratings from Rule 2a-7 (pdf)
    Sep 5, 2008
  • ICI Comment Letter on SEC Amendments to NRSRO Rules (pdf)
    Jul 25, 2008
  • Institute Comment Letter on SEC Proposal to Implement the Credit Rating Agency Reform Act (pdf)
    Mar 12, 2007
  • ICI Letter to House Subcommittee on Credit Rating Agencies, June 2005
    Jun 29, 2005

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