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August 10, 2011

S&P Backlash May Hasten Pursuit of Credit Ratings Alternatives

WASHINGTON — Standard & Poor’s downgrade of U.S. debt last week is likely to hasten the replacement of credit ratings within bank regulatory requirements.

The Dodd-Frank Act enacted last year required the banking agencies to remove all references to credit ratings within existing rules, but the regulators have dragged their feet on carrying out that mandate.

Instead, regulators have testified to Congress that replacing the credit ratings is easier said than done, and subtly suggested lawmakers revisit the issue.

Read the full story at The American Banker

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