The Securities and Exchange Commission's (SEC) proposal issued May 18 to implement rules mandated by the Dodd-Frank Act tasks rating agencies with measures most have sought to address, but the proposal's detailed requirements could instead overwhelm smaller agencies.

The nationally recognized statistical rating organizations' (NRSROs) attorneys were still digesting the 517-page proposal in the latter part of May, and the larger agencies - Moody's Investors Service, Standard & Poor's and Fitch Ratings - declined to comment about it.

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