Fitch Ratings has issued a statement responding to the International Organization of Securities Commissions' (IOSCO) consultation report titled The Role of Credit Rating Agencies in Structured Finance Markets. The statement follows the submission of joint comments by the major rating agencies.
"Fitch commends IOSCO for their efforts, and is supportive of the principal aims underlying their proposed recommendations for modifying the IOSCO Code of Conduct Fundamentals for credit rating agencies," Fitch Ratings President and CEO Stephen Joynt said. "Fitch will continue to work closely with IOSCO, as with other governmental authorities and market participants to strengthen confidence in the work of credit rating agencies."
Fitch will be revising its own code of conduct following the conclusion of IOSCO's work and will make a public announcement once its revisions are complete. The rating agency said that it also welcomes feedback on its work and processes. The comments can be submitted to firstname.lastname@example.org.