The US SEC is looking into the workings of the three main credit rating agencies, prompted by their handling of the subprime crisis and a report of computer errors at Moody’s, reports Reuters. Erik Sirri, director of the SEC’s trading and markets division, said the regulator had written to Moody’s, S&P and Fitch asking for information on aspects of their methodology. SEC Chairman Christopher Cox earlier told Reuters that his regulatory body had started an inquiry into Moody’s, whose shares have plummeted over the last week on concerns it may have made ratings errors, first reported on FT Alphaville.
