Credit Rating Disclosure Amendments

SIFMA’s Credit Rating Agency Task Force provides comments to the Securities and Exchange Commission (SEC) on proposed credit rating disclosure amendments, SEC Release Nos. 33-9070, 34-60797, IC-28942; File No. S7-24-09. The proposed credit rate disclosure amendments which would apply to the registration statement filed under the Securities Act, Exchange Act, Investment Company Act and Forms 8-K and 20-F. The Task Force agrees with the SEC that more disclosure is needed in regards to credit rate issues but also believes that certain terms discussed in the Release should be clarified. The Task Force support the efforts by the SEC that allow investors to better understand credit  ratings, their limitations and potential conflict of interest, thus increasing confidence in the credit rating process and the integrity of the financial markets.