The SEC yesterday criticized ratings agencies in an annual report, saying that S&P (MHP), Moody's (MCO), Fitch (FMLCF.PK) and two smaller firms don't always follow their own standards when rating deals. All nine firms reviewed in the report had "poor documentation" and "inaccuracies" when counting analysts' votes in a decision. The SEC hasn't determined whether its findings represent a "material regulatory deficiency."
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