Credit rating agency obligations require written client terms, continuous monitoring, transparent disclosures, independent rating decisions, and insider-trading controls.

Registered credit rating agencies must use written client agreements, obtain client cooperation, communicate ratings, and continuously monitor and periodically review them. Ratings generally cannot be withdrawn while obligations remain outstanding, subject to an approved policy and disclosed withdrawal reasons. Agencies must promptly disclose rating changes and rationales, publish rating definitions and limitations, use qualified rating committees, exercise due diligence, avoid group-entity rating conflicts, and prevent trading based on unpublished price sensitive information.

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