New York CNN —The US Securities and Exchange Commission fined six major credit rating organizations a total of $49 million for their “significant failures” to keep electronic communications.
Moody’s Investor Services and S&P Global Ratings agreed to pay the heftiest fines, a $20 million civil penalty each.
Fitch Ratings agreed to pay $8 million, A.M. Best Rating Services agreed to pay $1 million, HR Ratings de México, S.A. de C.V. $250,000, and Demotech agreed to pay $100,000, respectively.
That included an associate managing director making off-channel comments about credit rating clients.
“Moody’s is fully committed to upholding our regulatory record-keeping obligations, and we are pleased to put this matter behind us,” a Moody’s spokesperson said in a statement.
Persons:
Demotech, ”, Sanjay Wadhwa, A.M, Demotech “, Fitch, México, “
Organizations:
New, New York CNN, US Securities and Exchange, Moody’s Investor Services, Fitch, S.A, SEC, Services, P Global, CNN
Locations:
New York, SEC’s