The SEC has charged six credit rating agencies with “significant recordkeeping failures.” If all the credit rating agency’s are corrupt, is there anything that isn’t?

www.sec.gov/newsroom/press-releases/2024-114#:~:text=The%20firms%20admitted%20the%20facts,implementing%20improvements%20to%20their%20compliance

TL;DR:

• Six credit rating agencies charged by SEC for recordkeeping failures.
• Firms admit wrongdoing and pay over $49 million in penalties.
• Moody’s, S&P Global, Fitch, HR Ratings, A.M. Best, and Demotech involved.
• Most firms required to retain compliance consultants.
• SEC emphasizes importance of recordkeeping for investor protection.

BREAKING: The SEC has charged six credit rating agencies with "significant recordkeeping failures."

They include Moody's, S&P Global Ratings, Fitch Ratings, HR Ratings de Mexico, A.M. Best Rating Services and Demotech.

They will pay more than $49 million.

— Win Smart, CFA (@WinfieldSmart) September 3, 2024

h/t welp007