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Egan-Jones Responds to SEC Order for Formal Review of Application to Resume Rating of Issuers of Asset-Backed Securities and Government Securities
The SEC's review addresses market concentration concerns with Moody's and S&P controlling 81.7% of ratings, following past rating failures and the 2008 financial crisis.
- The SEC issued an order yesterday to review Egan-Jones' application to resume rating asset-backed and government securities, aiming to improve competition in credit ratings.
- On October 7, 2025, Egan-Jones applied for two additional NRSRO licenses, later supplementing the application on January 14, 2026, as the firm stated it will support the process.
- The SEC Office's Annual Report stated Moody issued 670,000 ratings, and the 2011 Final Report from the Financial Crisis Inquiry Commission cited legacy firms as 'essential cogs' in the 2008 crisis.
- The Commission must decide on Egan-Jones' re-registration application by August 12, 2026, while Egan-Jones maintains expanding the classes of securities it rates will enhance competition.
- Following criticism during the Credit Crisis, Congress instructed the SEC to increase competition after the SEC cited legacy firms as 'missed the mark' on recent failures.
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Egan-Jones Responds to SEC Order for Formal Review of Application to Resume Rating of Issuers of Asset-Backed Securities and Government Securities
NEW YORK, March 23, 2026 /PRNewswire/ -- Egan-Jones Ratings Company responded to a March 23, 2026 Order ("Order") issued by the Securities and Exchange Commission ("SEC") for the SEC to conduct a formal review of Egan-Jones' application to resume rating…
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Total News Sources51
Leaning Left3Leaning Right4Center20Last UpdatedBias Distribution74% Center
Bias Distribution
- 74% of the sources are Center
74% Center
11%
C 74%
15%
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