References to Ratings of NRSROs

SIFMA’s Credit Rating Agency Task Force provides comments to the Securities and Exchange Commission (SEC) regarding the ratings of Nationally Recognized Statistical Rating Organizations (NRSRO), SEC Release Nos. 33-9069, 34-60790. Last year, the Task Force provided an in-depth response to the proposed amendments in the above-references rules. We support the SEC’s efforts to increase investors understanding of credit ratings however we do not believe the proposed amendments will accomplish that goal. The Task Force strongly encourages the SEC to focus upon disclosure by NRSRO that allows investors to better understand credit ratings and their limitations. The letter also included an attachment of Recommendations of SIFMA’s Credit Rating Agency Task Force.