Bonds

SEC Takes Rating Agencies to Task; “Serious Shortcomings” Cited 

An awaited report on the conduct and process at key credit rating agencies in the wake of a historic upheaval tied to securities rated by the firms was released late Tuesday by the Securities and Exchange Commission — and the report was anything but kind to Fitch Ratings, Moody’s Investors Service, or Standard & Poor’s, the three major credit rating agencies. The SEC said it found ample evidence that the agencies “struggled” with an explosion in subprime mortgages and associated RMBS and CDO issuance volume.