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Friday, August 30, 2013

U.S. Leads in Credit Rating Reform, FSB Finds

The U.S. has moved ahead of Europe in removing references to credit rating agencies’ ratings in financial regulations, a report from the Financial Stability Board said yesterday. However, the FSB noted, ratings continue to play a “significant role” in bank capital requirements.

The FSB -- an international body of financial regulators drawn from G-20 economies -- attributed U.S. progress to implementation of the Dodd-Frank Act, which sets stringent requirements for removing references to agency ratings.

An FSB peer review highlighted the development of alternative creditworthiness standards, firms’ own internal risk assessment systems and references to ratings in private contracts as continued obstacles to full implementation of its recommendations on agency ratings.

Read the report.

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