Credit Rating Agencies and Nationally Recognized Statistical Rating Organizations (NRSROs)

A credit rating agency assesses the creditworthiness of an obligor as an entity or with respect to specific securities or money market instruments.� A credit rating agency may apply to the SEC for registration as a nationally recognized statistical rating organization ("NRSRO").� The SEC's Office of Credit Ratings administers the SEC's rules relating to NRSROs, in addition to performing various other functions with respect to NRSROs. To learn more about NRSROs, including a list of credit rating agencies currently registered as NRSROs, please visit the web page of the SEC's Office of Credit Ratings. There you can also find a variety of background materials, including SEC releases, reports, studies and orders, as well as the securities laws related to NRSROs.