SEC Imposes $49M Fine on Six Major Credit Rating Agencies for Record-Keeping Failures

Moody's, S&P Global, and Fitch among firms penalized for inadequate electronic communication retention, impacting regulatory compliance.

Moody's and S&P Global each face $20 million fines, while Fitch is fined $8 million.
HR Ratings de México, A. M. Best, and Demotech also penalized with smaller fines.
Agencies admitted to using personal devices for work communications, violating SEC rules.
Firms are required to enhance compliance policies and review electronic communication retention.
The SEC emphasizes the importance of record-keeping for investor protection and regulatory enforcement.