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Credit Rating Standardization Study: Report to Congress
SEC Staff (au)
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was enacted on July 21, 2010. Title IX, Subtitle C of the Dodd-Frank Act, consisting of sections 931 through 939H, titled ńˇýImprovements to the Regulation of Credit Rating Agencies,ńˇŁ amended the Securities Exchange Act of 1934 (Exchange Act) to impose new self-executing requirements with respect to credit rating agencies registered with the U.S. Securities and Exchange Comm. (SEC) as nationally recognized statistical rating organizations (NRSROs), requires that the SEC adopt rules applicable to NRSROs in a number of areass. This report examines the feasibility and desirability of: (1) standardizing credit rating terminology, so that all credit rating agencies issue credit ratings using identical terms; (2) standardizing the market stress conditions under which ratings are evaluated; (3) requiring a quantitative correspondence between credit ratings and a range of default probabilities and loss expectations under standardized conditions of economic stress; and (4) standardizing credit rating terminology across asset classes, so that named ratings correspond to a standard range of default probabilities and expected losses independent of asset class and issuing entity. Tables. This is a print on demand report.
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