SEC to change rules for credit ratings next month

Securities and Exchange Commission Chairman Christopher Cox told reporters at the 2008 International Organization of Securities Commissions conference in Paris this past weekend that his agency will formally propose new rules concerning credit rating agencies on June 11.

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Cox said the SEC had started an inquiry into credit rating agency Moody's Investor Services, whose shares plunged last week on concerns that it may have made ratings errors. The credit agencies including Standard & Poor's and Fitch Ratings have come under fire for their decision to rate certain subprime assets with investment-grade ratings. - Donna Block

For recent credit rating changes see Dealscape's Ratings Review

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