The Commission pursued several approaches, both formal and informal, to conduct a thorough and meaningful study of credit rating agencies. These efforts included informal discussions with credit rating agencies and market participants, formal examinations of credit rating agencies, and public hearings, where market participants were given the opportunity to offer their views on credit rating agencies and their role in the capital markets. Part II of this Report contains a background discussion of credit rating agencies, and how credit ratings have become incorporated into the current regulatory framework. Part III describes in.
