US Securities and Exchange Commission has launched an investigation into the ratings methodologies of the three main agencies after months when the integrity of their operations in structured finance has been undermined by the sub-prime mortgage crisis and the fallout that has ensued.
The probe, which has been widely expected for some time, is the freshest attack on the rating industry by a financial market regulator. News of its launch comes in the same week the worldâs top securities bodies are set publish a new code of conduct for the rating industry.
